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You’ve spent over 40 years saving for your retirement to make sure 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 market place in the late 1970’s. The 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. (Source 2015 Medicare & You, National Medicare Handbook, Centers for Medicare and Medicaid Services, September 2014)
In the Washington DC area, the average cost for a home health aide is $41,756, assisted living facility $52,800 and a semi-private nursing home room will run you $116,983.
(Source Genworth 2016 Cost of Care Survey, conducted by CareScout®, April 2016)
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.
Please give us a call to discuss your options and we can see if Long-term Care Insurance should be a part of your financial plan.