Financial experts agree that without long-term care insurance, your retirement plan is incomplete. Almost half of all 65-year-olds will use a nursing home at some point in their remaining lives, the average cost of which is now $80,000 a year. Long-term care insurance provides confidence in knowing that such costs will be covered without having to deplete your retirement savings.
What is Long-Term Care Insurance?
Long-term care involves providing assistance to individuals who need help in carrying out basic self-care tasks, such as bathing, eating, dressing, toileting and ambulation. These daily tasks are commonly referred to as “Activities of Daily Living” (ADLs). Long-term care includes personal care in a home, hospital, or private facility.
Long-term care insurance helps mitigate the pricey cost of long-term care. It not only protects your finances, it also protects your family from the emotional and physical burdens that typically accompany a long-term care experience.
Why Purchase Long-Term Care Insurance?
- In the event you need help caring for yourself, you have the ability to stay at home
- You can protect your savings and assets against the unknown
- You never have to worry about depending on others for care
- You can protect and leave an estate for your heirs