Sample policies provided by Mr. Gordon show that a 55-year-old couple could buy a shared or joint policy of this type that pays a $5,000 monthly benefit, or a shared pool of benefits between the two of $534,000. They could fund that with 10 annual premium payments of $16,500. By contrast, the same couple could buy a traditional long-term care policy that pays a similar monthly benefit funded by 10 annual premium payments of $18,000.
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According to the CareScout survey, last year, the monthly median cost for an assisted living community nationally was $5,900 per month, homemaker services cost $6,292 per month, while a private nursing home room cost $10,646.
Die quickly. |
