According to the U.S. Department of Health and Human Services, 70% of those age 65 and up will need some sort of long-term care. Paying out of pocket is out of reach for most of us since the median annual cost of a private nursing room is $97,455. If you live in a major metropolitan area, you can expect to pay even more. Data from Genworth's 2017 Cost of Care Survey found the national median cost of an assisted living facility is $3,750 per month, while a nursing home costs $8,010 per month.
"Costs are generally higher in New Jersey as is the cost for those with dementia," a financial planner from Brooklyn said. "According to the American Association for Long-term Care 2008 Sourcebook, over half of people needing nursing home care require a stay of more than 12 months with almost one-quarter staying more than three years. It is the latter portion of the population that can truly devastate a family's finances."
The earlier you enroll in a LTC plan the lower the premiums are. In recent years, an array of innovative LTC plan types have been introduced to the market, offering you options that are more affordable and ensure that your premiums do not go to waste if you remain independent through ripe old age.
Cosmo Insurance Agency has enormous expertise in the LTC insurance market. We will advise you of your most updated options, and independently shop for the carrier that will give you the lowest premiums. Regardless of your age and health situation, we can virtually always get you approved for an attractive LTC plan from one or more reputable carriers. Call us today at 732-363-3888.