NOT JUST FOR THE ELDERLY!!
Long Term Care is simply a financial tool to make sure that if something happens too soon or lasts too long that you have choices. Many do not want to burden family, and worry about running out of money.
Planning early and planning to live is especially important today. This is a very effective retirement benefit, but it is never too early to consider.
- Out of 100, 40-year-old males before age 65; 4 will die BUT 23 will survive with a critical illness or needing long term care
- 1 in 2 people will need some form of long term care help in their lifetime.
Living planning is a real need. Long Term Care is misunderstood and therefore often missed.
Long Term is the only policy available that triggers based on your individual needs. There is no list of conditions and no link to your job. The policy triggers because you need ongoing help based on physical or cognitive dependency. Help can be family, home care or a facility. Policy definitions and features vary so it is important to work with a professional to establish the best fit for you.
With proper planning, we can truly protect for longevity and create a limited or Unlimited benefit plan for life which can cost as low as 5-10% of actual care costs today.
Many mistakenly believe the government will take care of their needs when the time comes. Any government assistance covers only the most basic care in what are sometimes far less than desirable settings. Accommodation in long-term care facilities typically costs from $1500 to more than $10,000 per month. Private home-care service can cost from $20 to $90 per hour for personal care or nursing care. If you require extensive care, your costs could easily add up to between $50,000 and $100,000 a year.
The cost in the future for care is anticipated to increase in proportion to the demand. This brings us to a very sobering fact: The coming demographic with the avalanche of boomers will be unprecedented and will affect all levels of health care, both acute and long term.
Did you know that your chances of living to 100 years old are better than ever? While living a long life may be a great gift, we also need to be prepared financially to pay for future long-term care needs.
Plan ahead, so you can Live without Compromise.