Because wishing and hoping isn’t a good plan.
The average cost for home health care services is $21/hour. Care received in a nursing home averages $6,500 a month.
Nearly 47% of singles and 70% of married couples will need some type of long-term care during their lifetime. And 40% of those receiving long-term care today are between the ages of 18 to 64.
But most don’t have a plan for it.
Well, most people don’t like to think about getting sick. They wish or hope or simply don’t plan on it.
The truth is those who require long-term care usually are not sick in the traditional sense. They’re simply unable to perform basic Activities of Daily Living, such as feeding, bathing, dressing, or getting in and out of a chair or bed.
Did you know that the fastest growing segment of newly diagnosed Alzheimer’s patients is between the ages of 55 and 65?
Long-term care insurance provides benefits to pay for care that is received at home, in an assisted living facility, adult daycare, nursing home as well as an Alzheimer’s facility.
The biggest reason, however, for not having long-term care insurance is simple: cost. Nobody wants to pay a high premium for it. Unfortunately, if you do not have a policy in place, there are only two other sources to pay for care: Medicaid or your personal assets.
Unfortunately, without long-term care insurance, many people wipe out what may have taken their entire lives to save.
Fortunately, there are new plans that are available that provide a benefit to your heirs should you not use the coverage for care.
Long-term care insurance, however, can help pay for out-of-pocket costs, leaving your nest egg unscathed. Plus, long-term care insurance premiums may be eligible for a tax deduction, depending on the age of the covered person.
We work with major carriers such as:
- John Hancock
- One America
- United of Omaha