Long Term Care
For most of us, living a long life means spending more time with the people we love and doing the things we enjoy. Planning ahead can help make those dreams come true. Nearly three-quarters of Americans who reach the age of 65 will need long-term care at some point, according to the U.S. Department of Health and Human Services.
Unfortunately, home care can cost up to $40,000 annually, and institutional care may cost more than $75,000 a year. At these prices, your retirement savings can easily be drained, leaving you and your loved ones struggling to make ends meet. Health insurance and Medicare do not cover the kind of long-term care most people eventually need. Medicare does not cover Long term care insurance can.
Long term care insurance can provide you with the services you may need and protect your and your family’s finances. Policy premiums are usually based on your age and health status, so planning early and purchasing the right policy can help you preserve your options as you age. If you wait and develop a serious health condition, you may not be able to obtain the insurance you want at a price you can afford.
If you cannot purchase a comprehensive policy, purchasing even a modest policy can help preserve your savings, retirement accounts and other assets and keep your family’s finances more stable. Many types of long term care insurance policies are available today. Give us a call, and our insurance professionals will help you learn more about your options.