When planning insurance strategies, don't overlook the possibility that you or a loved one may need long-term care - or custodial services -- because of a chronic illness, disability, or cognitive impairment such as Alzheimer's. As life expectancy increases, the odds of needing long-term care are growing. So are the costs.
- Statistics show that one-half of Americans over 65 will need long-term care
- It's estimated that one-third of Americans will need to provide for someone needing such care
- Facility (nursing home, assisted living) costs can easily run in excess of $60,000 per year
- The average stay in a facility is two years
- Medicare and health care plans do not cover custodial services in most cases
- Medicaid covers expenses only when assets are depleted to the poverty level
These policies help alleviate the financial burden of long-term care.
- You retain independence -- the freedom to choose the level of care that's right for you
- The younger you are when you purchase a policy, the lower your premiums
- Select the coverage you want -- facility only or comprehensive care
- Your children can plan for college, retirement, or other goals with confidence that your care is provided for
Today's long-term care policies are flexible and affordable. To explore policy features and ways to manage premium costs, please contact us