November is Long-Term Care Awareness Month – a time to raise awareness about the importance of LTC Insurance, and how it impacts the financial future of millions of Americans.
According to the LIFE Foundation, about 70% of people over the age of 65 will require some sort of Long-Term Care during their lifetime.
Many assume that LTC is paid for by their Health Insurance Plan or Medicare, when this is often not the case.
Currently, LTC services in a hospital, nursing facility or at home can cost upwards of $75,000 a year. A lifetime of retirement savings could easily be depleted in only a few short years. Additionally, the emotional and physical strain placed on family members caring for a loved one can be overwhelming.
LTC Insurance protects retirement assets, as it covers the cost of treatment if one develops a chronic illness or becomes disabled and is unable to care for himself/herself for an extended period of time; it also provides families with the peace of mind knowing their loved one is being cared for in a comfortable setting.
Long-Term Care Awareness Month is a great reminder to families to discuss proper planning and the possibility of needing extended care. Families should plan for their future and decide what type of care is necessary in order to maintain the standard of living they are accustomed to.
LTC Insurance should be purchased while young and healthy to ensure a lower premium. Once you obtain coverage, your premium cost is set and cannot be increased unless it impacts an entire class of policy holders. The cost of premium is usually far less than the out-of-pocket expenses one would pay for Long-Term Care services.
For more information about Long-Term Care contact your LTC Specialist today.