Even With Long-Term Care Insurance, Care Can Be Expensive
Having long-term care insurance doesn’t always preclude paying an arm and a leg for care, suggests a post at the financial site FiveCentNickel.com.
The author’s father needs some substantial in-home care—probably eight to 10 hours a day, including “nighttime needs,” which push up the hourly cost. The parents have long-term care insurance, but, the author says:
The LTC coverage doesn’t kick in for 90 days, which means they’ll have to foot the bill for three months on their own — to the tune of somewhere between $7k-9k/month. Yikes! That’s a huge amount. And even after the LTC policy kicks in, they’ll be facing $2k-$3.8k in monthly expenses related to his care.
Fortunately, the author’s parents have enough money saved to cover the costs. You can read the post here: “The High Cost of Elder Care.” Some of the reader comments below it are also interesting.
Have you or your parents used a long-term care policy yet? What was your experience?
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Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents.
