Long-Term Care Insurance

You may be in good health, active, and not old enough to think about planning for a potential long-term care event. But have you thought about what a long-term care event could do to your family and your finances?

Individuals are living longer—but we are not necessarily living these years in the best of health. Although medical advances have helped increase our life expectancy, we still must face the realities of aging. A less than happy truth is that we often spend several of our last years in need of assistance with day-to-day routines. As health care expenses rise, it is important that we think about ways to protect you against the risks long-term care presents.

LTCI definition

It is important that you consider what kind of care you will most likely need and where you would prefer to receive this kind of care. Once you have given these issues some thought, you can begin to work on a plan to ensure that you receive the style of treatment you desire.

The best time to talk about a crisis is before it happens. That's why we encourage you to have a conversation about long-term care with a financial advisor today.

Consider a few facts about long-term care:

  • Medicare doesn't cover most long-term care expenses.
  • Medicaid only covers nursing-home care once a person has depleted his or her own assets to poverty levels.
  • The nationwide average cost for a private room in an assisted living facility is $3,450 per month.*
  • The nationwide average cost for a private room in a nursing home is more than $84,000 per year.*
  • Care at home can range from $30,000 to more than $100,000 per year, depending on the geographic location and the level of care needed.

**According to the Genworth 2014 Cost of Care Survey

Cost of LTC in Your State

USA map

Cost varies by state.

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