No matter what you may think, the time will come when YOU may need Long term Care.
“By Barbara Marquand Chances are about 70 percent that you’ll need long-term care sometime after age 65, according to the nonprofit Life and Health Insurance Foundation for Education (LIFE). And it won’t come cheaply.
The median cost of a full-time nursing home room is $81,030 per year, according to the Genworth 2012 Cost of Care Survey. The national median hourly rate for a licensed home health aide is $19, which would total $55,480 a year for eight hours a day of care.
Statistics like those make long-term care insurance sound like a no-brainer, but misunderstandings still abound.
Here are eight myths about long-term care insurance – and the truth.
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