It’s scary but true: You could easily lose most of your money, even if the market is up. How? If you or your spouse become ill, the associated costs can be devastating. A comprehensive survey by Genworth Financial found that a private room in a nursing home averaged $92,378 in 2016, and a home health aide averaged $46,332. And the odds of you or your spouse having a debilitating event and needing care afterward is high: According to longtermcare.gov, nearly 70% of people turning age 65 will need long-term care at some point in their lives.
Given those odds, I think it’s important to insure yourselves. But before you purchase a long-term care insurance policy, consider these tips: