Long Term Care Insurance
Coverage for Extended Care Services
If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period, you’ll need long-term care services. And contrary to popular belief, your health insurance or Medicare do not pay for these extended services. That’s where a long term care insurance policy can help. Long-term care services are not cheap either. A 2013 Genworth Cost of Care Survey calculated the median cost for a private nursing home room to cost nearly $84,000 per year. Even a home-health aide for 8 hours per day averages more than $44,000 per year.