More than 70 percent of people over 65 will need long-term-care of some type at some point in their life. These are not always stays in nursing homes, but even home care is expensive.
For those who have few assets or no long-term-care insurance, the cost of long-term care can threaten bankruptcy. According to Life Happens, annual nursing home care is as much as $84,000 and nearly $45,000 for full-time help at home. Long-term care insurance can offset in part or in whole these extraordinary costs.
It is a common myth that Medicare pays for nursing home care – that is not true. Medicaid will help pay for care for individuals who have little or no assets, but not Medicare.
Long-term-care is not, however, reserved only for older individuals. An accident or serious illness can result in the need for extensive medical care, and often, it is in a nursing home.
The best way to prepare for long-term-care expenses is to start at a younger age, not wait until retirement. The cost of coverages is based, at least in part, on the age at which you begin purchasing it.
As always, you should consult with one of our licensed agents about options that meet your needs.
Selecting the right benefits takes a broad understanding of industry trends and regulations. SevenHills has the advantage of collective industry experience and resources as United Benefits Advisors. Equipped with an independent perspective, our advisors are able to provide objective guidance to help clients achieve their business goals.
SevenHills Benefit Partners News Completing forms properly and timely is important to good benefit management. We are here to partner with you to maximize this service for your employees. Below are three reminders: • COBRA/MN Continuation must be sent on the...read more