Chances are that you or someone you love will need care or become a caregiver. Just think about the reasons for needing care.
They range from cognitive diseases like Alzheimer’s to physical limitations from accidents or medical conditions like ALS, cardiovascular disease, diabetes, MS, etc.
Here’s a quiz to test your knowledge:
- RISK: The government projections are that 70% of people age 65 and older will experience a long-term care event in their remaining years? True or False?
- COST: The median cost of a private room in a nursing home in the U.S. is over $100,000 annually? True or False?
- FUNDING: Most people believe that Medicare pays for long-term care. True or False?
- CAREGIVERS: Today, 65% of older adults with LTC needs rely on friends and family for care? True or False?
- LTCI: Only 7% of long-term care delivered in the U.S. is paid by private long-term care insurance? True o False?
We’ll make it easy for you to score your awareness. All answers are True.
Do you have a plan for long-term care?
Have you thought about care venues? Or care providers? Do you know the costs associated with your preferences?
How will you pay for this care without compromising your family’s standard of living or retirement portfolio? These three questions will help you plan for long-term care:
- WHERE would you want to live if you needed care?
- WHO would you want to provide your care?
- HOW would you pay for the care you may need?
Consider two factors
We ask clients to consider two factors as they explore long-term care insurance:
- HOW much of the potential expense do you really need to offset with insurance?
- WHAT is a comfortably affordable premium budget?
Even a modest policy offers protection for important assets. The new normal is “some coverage is better than none.”