More than 70{6332153baab8c3407e91955979cdcca2a8d905f8fd04a89e4460d67d5e46e447} of people over 65 will need long term care at some point in their life. A long-term care benefit can assist towards Home Health Care costs as well as Nursing Home Costs.
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 coverage 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.
Our Advisors
Selecting the right benefits takes a broad understanding of industry trends and regulations. SevenHills Cleveland Benefit Partners 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.
