           |
Will I Need It?
It is a real possibility that you could need long-term care at some point in your lifetime. On average, 69% of 65-year-olds are expected to need some type of long-term care, and the average duration of such care over the course of lifetime is three years.1
For some people, long-term care might be limited to help with daily living activities, which could be provided by family or an aide. But the estimated risk that a 65-year-old would need to spend time in a nursing home at some point ranges between 20% and 49%.2 And that’s where it gets expensive. The national average cost for one year of nursing-home care is $75,000.3 In some regions, the cost can be much higher.
Paying the BillUnfortunately, Medicare offers very limited coverage for skilled nursing care services and does not cover custodial care. Medicaid may provide some coverage, but only for those with low incomes and limited assets. A long-term-care insurance policy can provide some financial protection from the high costs of long-term care. The range of benefits differs by policy. Comprehensive policies typically cover care in three settings: a nursing home, an assisted-living facility, and at home. Before purchasing a long-term-care policy, you should understand which types of facilities are covered, as well as what the policy pays per day (or month) for eligible care, how long the benefits will last, the maximum lifetime benefit, whether inflation protection is offered, and the waiting period before benefits begin. When preparing for life in retirement, you should face the possibility that you may need this kind of care at some point. Long-term-care insurance provides a way to help pay for the care you may need, so you can protect your assets and have more options for the care you receive.
1) AARP Public Policy Institute, 2007
Guarantees are backed by the financial strength and claims paying ability of the underwriting insurance company. Atlantic Funding Group, Inc - 13575 58th St N. Suite 116 - Clearwater, FL 33760 Office Phone: 727- 738-1404 Fax: 727-738-1698 Toll Free Phone: 866-571-4759 Atlantic Funding Group, Inc. Licensed Mortgage Brokerage Business We lend in the following states: FL An independent insurance agent. Representing Capital Choice Financial Services a network of independent business men and women representing various life and health insurance companies. Licensed Bible Based Money Management Instructor
© 2008 Myers Internet, Inc. All Rights Reserved Powered by: Myers Internet, Inc. | Admin Login |
