Ram Republic

It’s also true that the younger you are, the likelier you are to be in good health. These policies are not available to those with serious health problems, or else the cost is prohibitive.
Let’s do the math. The average age of entry into a nursing home is eighty-four. Let’s say you bought a generous policy at age fifty-four, one that had a lifetime benefit period, a $100-a- day benefit amount, 5 percent compounded inflation, zero-day elimination period (these terms are explained below), and two years of home health care at $50 a day. For this policy you agree to pay $954 a year, assuming no rate increases. You pay it for the next thirty years, and then you in fact do have to go into a nursing home. You would have paid $28,620 in premiums. The average cost of a nursing home thirty years from now is projected to be $13,000 a month. So you will have paid less for all those years of insurance than what three months in a nursing home will cost you if you happen to need it.
If you’re that sixty-five-year-old who waited to buy it, it would cost you $2,580 a year for the exact same policy, or a total cost of $49,020, if you went into the nursing home nine-