It takes just one unforeseen accident or illness to put your family’s financial future at risk. Many people consider retirement income and savings as their safety net for unforeseen events, but the average cost of private care can consume all of your income and savings. You’re left with nothing to maintain the retirement lifestyle you’ve worked so hard to create.
70% of people over sixty-five will require extended personal care at some point in their lives with an average duration of Long Term Care for three years. *
Chronic conditions like diabetes, high-blood pressure, and obesity are all on the rise, and greatly exacerbate the chance of requiring long-term care.
1 year of a private care nursing home costs $81,030 on average, with projected costs reaching $204,759 per year in twenty years. **
How much coverage do I need?
If the policy is part of an executive benefit plan is it portable?
What inflation rider should I choose?
What health issues would prohibit me from obtaining coverage?
What happens if I die and never use it?
Put together by The National Association of Insurance Commissioners (NAIC), this guide answers key questions related to LTC
Contrary to popular belief, Medicare and Medicaid are not intended nor effective for long-term care use.