Arrangement costs for nursing home stay. If you were to pay for the stay at a nursing house on your own, it could cost you $1000,000 per year. When you consider that an average stay in a nursing facility lasts two and a half years, that amounts to about $250,000 each person. As you can see, this can quickly increase. In order to get the cheapest long-term-care insurance, many individuals go to an insurance agent. However, if you have a large nest egg, you could be tempted take self-insured insurance and not pay in this insurance policy. This could be the best choice for your needs. Take a look at this video for more.
This episode of The Ramsey Show includes a caller who asks if long-term insurance is right for the individual. Net worth at present amounts to approximately 1.1million. He would still have around $500,000 of his assets in the event that he had to spend as much time with his wife an assisted living facility. There is enough cash for self-insured insurance, should he so wishes.