Long Term Care Insurance – Read this on your 39th birthday.

The last article in our series covers what you need if you happen to survive all the sickness, injuries, and death-defying stunts of your young days.  Congratulations!  You’ve made it long enough to risk needing a  Nursing Home or in-home nurse.  You don’t really want your wife – no longer a Spring Chicken – to have to change your diapers and spoon-feed you every meal of every day.  Trust me… you DON’T.

*To be clear, I am not a licensed professional, and this is not to be considered professional advice.  I was licensed in Life and Disability Insurance many years ago, but no longer hold those certifications.  The articles in this series are to be considered good ideas and nothing more.*


The average cost of a nursing home* nationwide (so think about the inflation around where you live) is about $200 per day.  Less if you have a roommate.  More if you want some privacy.  That’s the average.  You don’t want to say in an AVERAGE nursing home.  Do you want your wife and children spending their inheritance on your nursing care?  Probably not.  Health Insurance won’t cover everything you’ll need – like wheelchairs and specialized beds.

Before you start screaming at me about the cost of all your *other* insurance, and that you’re officially on a Ramen Noodles diet until you retire, calm down.  Long Term Care premium calculations don’t start counting until age 40.  Long Term Care is NOT Health or Disability insurance.  It is specifically designed for your geriatric period… for AFTER you retire (and no longer qualify for Disability Insurance).  I”m hoping that by the time you hit your forties, you’re at least starting to get a handle on long-term financial planning.

Long Term Care Insurance is NOT Health Insurance.  It won’t cover hospital bills or prescriptions.  It WILL cover things like wheelchairs, walkers, in-home nurses, or nursing homes.

Long Term Care coverage is calculated on a per day basis (such as $200 per day).  As you start considering how much you need, be sure to research the average cost of nursing care (in-home or in a facility) in the area you intend to spend your days in.  I know it feels like you’re piling on the insurance bills, but this is definitely one of those costs that will be easier to pay the premiums now, than it will be to come up with the funds when you are too old and sick to work.

 

This concludes our four-part series on insurance.  Now that you and your wife have researched and taken care of the future, go enjoy your wife now.

 

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About the Author: Abby Dryer's goal in life is to bridge the communication gap between men and women. She finds herself giving lots of marital advice to her guy friends whose wives don’t want to have to explain *everything* to their husbands. “Women are hard to understand. I’m a woman, and *I* don’t even get us sometimes! Goodhusbanding is a great guide to help men understand their women, and hopefully communicate with a little more confidence, because that’s what works… communication!”

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