Should you purchase long term care insurance? Most people start thinking about the possibility of needing nursing care as they hit middle age. Many have family or friends who needed home health care, assisted living, or a nursing home. At this time, when a loved one needs extra help, people learn about the high cost of long term care, and they wonder how it gets paid for. Consider this. Full time nursing homes can cost $50,000 a year or more. Home health care may not be that much less, depending upon the amount of services needed. Assisted living facilities cost less, but may still be a lot more than it costs to live on your own. And the government estimates that 40% of people who turn 65 will need some sort of nursing care during retirement years. How does this get paid for? Medicare, the…

March 31st, 2010
Money maker
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