The matter of long-term care is something to take seriously. Medicare will not pay for an extended stay in a nursing home, and the costs can be considerable, especially if you have to spend multiple years in such a facility. You are looking at over six figures for a single year in a nursing home in the Hartford area.
One option that is available to you as you look ahead toward the possibility of incurring long-term care expenses in the future is the purchase of long-term care insurance.
Statistics are indicating that people are purchasing coverage at younger ages these days, and this can make some sense because the younger you are when you take out the coverage the lower the premiums are going to be.
However, on the other side of the coin you are unlikely to need long-term care until well into your senior years. And, if you start paying for the insurance when you are in your 20s or 30s because the premiums are low and you discontinue it at some point in time you will have wasted the money that you put into paying for the coverage.
The best way to proceed is to sit down and discuss all of your options with a licensed and experienced elder law attorney. Long-term care insurance can be complicated to understand, and the industry has been steadily changing over the years.
Your attorney will evaluate your situation, take your age into account, and make the appropriate recommendations.