Long Term Care is not just a healthcare issue; it is a financial planning issue.
Consider the stats:
1 year of a private care nursing home costs $81,030 on average, with projected costs reaching $204,759 per year in twenty years. **
What does this mean for you and your family?
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.
Contrary to popular belief, Medicare and Medicaid are not intended nor effective for long-term care use. Read our blog: Rethinking the Approach to Long-Term Care Insurance.
The good news: There are new, innovative options for Long Term Care Insurance designed to fit your needs and budgetary concerns.
Mitigate the risk of unfortunate surprises or expected hereditary declines in later life. Make yourself familiar with your LTC payment options to secure your living standard and protect your family’s financial future. For business owners and their executive teams, offering LTC coverage through work may be the smartest and most efficient solution for protecting top talent.
5 Questions you should ask your consultant
- 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?
Get in touch today to find out more.
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Methods of covering the cost of care:
- Long-term care insurance
- Life insurance
- Self funding
Let us help tailor a plan for you and your loved ones so you can safeguard the retirement lifestyle you deserve to enjoy.
Read a very personal story about the effects of long term care needs on a family and how important it is to think about the right coverage in our blog post.
*Statistics taken from http://longtermcare.gov/the-basics/who-needs-care/
**Statistics taken from National Financial Partners, Long Term Care Solutions Webinar