I do not need to buy Long-term care insurance; my family will take care of me.
Five Misconceptions About Retirement
January 23, 2008
Myth: I do not need to buy Long-term care insurance; my family will take care of me.
Reality:
Although many of us count on our families for unconditional support, this is not always the
practical reality. Family members may not be in close proximity to us as we age, not to mention the
fact that they will likely be busy with their own families and jobs. It is likely that
our family members may not be able to commit the time needed to be a primary caregiver, nor would
many of them have the training and education necessary to do so. It is important to
understand that standard health insurance will probably not cover all of the expenses that may
arise as we get older.
According to a Genworth Financial Cost of Care Survey completed in 2005, the national average
for a year of nursing home care was over $61,000 for a semi-private room, while the average cost
for in-home care from a home health aide was $22.43 per hour. It is important for women
to understand how long term care costs could potentially affect them because not only are we
commonly called upon to act as caregiver, but we are more likely to live longer, thus making it
more likely for us to need long term care services sometime in the future.
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