The cost of long term care insurance premiums has risen as much as 17% in the last year, so many seniors question whether they really need this expensive long term care coverage.
Although statistics indicate that 70% of American seniors will need long term care in retirement, many will be cared for by family members or need only a few months of care in a nursing home. Never the less, many more will need expensive care that can cost $20,000 per year for care at home or cost up to $80,000 or more for care in a skilled nursing facility.
Since Medicare does not pay for long term care and only those who have little or no assets can qualify for Medicaid, many Americans will have to pay for this expensive care out of their own pockets if they do not buy long term care insurance.
READ MORE: Costs Skyrocket for Nursing Home Insurance
