Long-Term Care Insurance Interactive ResourcesLong-term care services, whether they are provided in your home a few days a week or in a full-time residence such as a nursing home or assisted living facility, can cost a staggering amount. In the event that services are needed, the high cost of care can quickly wipe out a lifetime of savings. So how do you know if long-term care insurance should be a consideration for you? There are some great tools on the web to help you understand how much care costs in your area and whether long-term care insurance is something you should look into.
Cost of Care in Your AreaNo matter where you live, long-term care services are expensive. However, costs can vary quite a bit depending on where you live. The federal government has a great Cost of Care Calculator to help you determine what care might cost in your area. It takes into consideration the cost of care delivered at home, in an assisted living facility and in a nursing home.
Can you Save Enough to Pay for Care on Your OwnWhen it comes to long-term care insurance, self insuring is always an option. If you can afford to pay for services without significantly impacting your assets, you may not need long-term care insurance. But with nursing home costs averaging $60,000 a year and home health care costing about half that, very few people could afford to spend that kind of money and not notice much of a difference on their financial statement. To figure out if there's a gap between what your care would cost and your ability to save enough money to pay for that care, check out this neat interactive calculator.