Is Long-Term Care Insurance Really Necessary? – Doug Davies

It is crucial to look to the future. It is essential to take proper care of us and those we love. Consider the place where your last years be spent. Most Americans have their final years in nursing homes. These stays can run into hundreds of thousands per person. In addition, long-term health insurance is essential for the majority of people. There are some exceptions to most. Perhaps you are considering whether you can afford the cost of your stay at a nursing home when you need to. This video will help you determine whether or not you need longer-term insurance from the insurance provider you have.

The main considerations in your ability to self-insure is income and savings. You can figure that you will require about $300,000 to stay in a nursing home. If your companion will also need to stay as well consider adding an additional $300,000. So, you can expect to spend $600,000 in total. If you want to take care of your long-term health, should have at least $600,000. There is a good chance that you’ll want to go towards one million to have plenty of buffer room for unexpected costs or more than normal durations.