News 589 Long Term Care Insurance Investment Future

Have you wondered whether or not long-term care insurance is the right choice for you? This article from The Motley Fool lists a few items to consider when making that decision.

- there is a greater than 40% chance that a person over the age of 65 will be admitted to a nursing home at some point

- nursing home stays generally range from
one year to five years

- depending on inflation and the year you are admitted, the average cost of a year in a nursing home ranges from $43,000 (the cost in 1994) to upwards of $250,000 (the estimated cost in 2060)

- after a year's stay in a nursing home, around 90% of residents are in poverty

These statistic are averages and are subject to change depending on the economy and the cost of healthcare in the year you need care. If you think you will have enough money saved to cover these expenses, you might choose to forego long-term care insurance, however if you do not, paying a little now might save you from bankruptcy during your golden years.

Read more: Long-Term Care Insurance: Is It for You? (The Motley Fool via Yahoo! News) Long-term care insurance is a good idea for many people -- including you, possibly. Here are some scary statistics to help you take this issue seriously: