Long-Term Care Insurance
With Americans living longer than ever, long-term care goes beyond the coverage provided by health insurance, helping to maintain your lifestyle without compromising your retirement income.
No one likes to think about the potential disabilities that can occur as the body ages. We expect to live long, healthy, vigorous lives, and hope for the best. However, failing to prepare for debilitating situations can result in loss of assets and undue stress on family members, as well as leave you with limited choice as to from where or how you might receive long-term care (LTC), should the need arise.
Long-Term Care: An Issue to be Faced
By the year 2020, some 45 million Americans will be over age 65, and 4 million will live in nursing homes. The chances are that you or someone you know will be among them. With nursing home costs now averaging $26,000 (or more) annually, individuals may quickly run through both their income and their savings if they require an extended nursing home stay. Medicare begins to provide benefits at age 65, but will not subsidize long-term care beyond one month.
Navigating Long-Term Care
As Americans age, many of us are coming face-to-face with friends and family members who need long-term care (LTC). And, as we watch others grapple with the emotional and financial consequences of a long-term care event, we can’t help but wonder what the future holds for us and how or when we should prepare for whatever may arise.
Consider the Value of Long-term Care Insurance
Individuals who have worked hard and built up assets over the course of their careers may be particularly concerned that their savings could be affected by a long-term care event. As the costs associated with long-term care continue to rise, even those with substantial incomes and adequate retirement savings may be wondering how they would cover the costs of future care for themselves or their loved ones, should the need arise.
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