The average cost of nursing home care is now over $70,000, with some wide variances, according to AARP.  In most cases, the person who needs the care has to pay for it, as neither Medicare nor Medicare supplemental coverages, cover long-term care, unless you are impoverished.  Standard health insurance does not cover the care either.

To be covered in the event of required nursing home care, you need to have long-term care insurance.  Premiums are based on the age and health of the insured when they take the policy out, so there is a strong possibility that you’ll pay less during the life of the plan, the earlier you get it.

There are a few variables to keep in mind.  Most long-term care policies are tax deductible and most benefits, up to certain limits, are not taxable as income.  This is the good news, but there is some not necessarily bad news, but cautionary news, if you will.  Compare benefits very carefully.  Do certain illnesses exclude you from care?  Is there a maximum age?  How does the policy pay?  By the day and does it have a maximum payout?  Please check all variables very closely.

The truth is we are living longer and more of us require nursing home care.  Don’t bury your head in the sand, act aggressively to protect your family and yourself.