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What is the difference between buying Long-Term Care Insurance and paying for my Long-Term Care out of my own pocket?

April 26, 2017buying Insurance long-term paying pocket term

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What is the difference between buying Long-Term Care Insurance and paying for my Long-Term Care out of my own pocket?

2 Answers

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The difference is that, with long-term care insurance, you are transferring some or all of the risk of paying for long-term care to an insurance company. How you prepare for your long-term care is completely up to you. When trying to budget for your long-term care needs, you will want to research the average amount needed to invest to have enough reserves to pay for your long-term care. If you decide to use your personal savings for your long-term care expenses, you should consider starting to save as soon as possible. The cost of long-term care for a one-year stay in a nursing facility is projected to exceed $160,000 per year by 2020.

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Posted

The difference is that, with Long-Term Care insurance, you are transferring some or all of the risk of paying for long-term care to an insurance company. When trying to budget for your long-term care needs, you will want to research the average amount needed to invest to have enough reserves to pay for your long-term care. If you decide to use your personal savings for your long-term care expenses, you should consider starting to save as soon as possible. In Pennsylvania, the average cost for a one-year stay in a nursing facility is projected to exceed $177,000 per year by 2024.