Solving the Long-Term Care Conundrum
Long-term care (LTC) services are expensive, and past attempts to insure them have not succeeded. However, new government action has spurred a new solution - life with long-term care insurance.
Long-term care (LTC) services are increasingly in demand, and the costs are rising. The average annual cost of a nursing home stay is $94,000. Traditionally, those costs are covered by the individual, their family and by Medicaid. More than a dozen states are considering (and Washington is in the process of implementing) state taxes that will fund LTC services.
The combination of the increased need and the potential of new taxes have spurred increased interest in life with long-term care plans.