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You’ve spent over 40 years saving for your retirement to make sure that once you are retired you can live comfortably. Then all of a sudden you suffer an illness or injury and you need help with your daily life. Before long the nest egg that you spent so much time working on is unable to support you. What if I told you that there is something to help you preserve your assets in the event you need care?
Long-term Care Insurance was introduced to the marketplace in the late 1970’s. Coverage is becoming more important today as health care costs continue to rise and we continue to live longer. At least 70% of people over the age of 65 require some type of long-term care services and support at some point in their lifetime. (longtermcare.gov, August 2023)
Less than 1/3 of Americans aged 50 and older have begun saving for long-term care which could be financially catastrophic in the Washington D.C. area where the average cost for a home health aide is $64,064, an assisted living facility can cost around $71,370 and a semi-private nursing home room will run you $137,605. (Source Genworth 2021 Cost of Care Survey, conducted by CareScout®, August 2023)
We can help you tailor a plan to meet your specific needs as there are many different variables to consider when looking at a plan.
If you’d like to discuss your options and see if Long-term Care Insurance should be a part of your financial plan, we can be reached at email@example.com.