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The expenses of round-the-clock nursing home care are exorbitant. Even mid-tier facilities in the Denver area with semi-private rooms can cost between $9,000 and $10,000 per month. According to a study by Genworth Financial, private rooms in high-end nursing homes in the huge Denver-Aurora-Lakewood metropolitan area can cost upwards of $230,000 annually.
These staggering costs can easily run through a lifetime’s worth of saving and “pinching pennies” to provide a comfortable retirement. In just a few years, expenses can easily top $500,000 or even $1 million. You may be able to structure your estate in such a way to maintain eligibility for government benefits through Medicaid or Social Security, but that isn’t always possible.
With that in mind, the cottage industry of long-term care (LTC) insurance has boomed in recent years. This sort of coverage has been available for over 25 years, but the rapid rise in costs associated with nursing home care translates to a higher interest in them now.
Whether or not an LTC coverage policy is right for you depends on several factors. We’ll examine them now.
Particularly if you have a valuable estate, the decision to purchase long-term care insurance can make a huge difference in the amount of assets you are able to pass on to your heirs. Before you decide, weigh your various life-care planning options with an experienced estate attorney.