November is Long-Term Care Awareness Month

Thanksgiving reminds us of all the things we are thankful for, such as our health and our loved ones.  As we give thanks for these things, it’s important to think about how we can protect them.  Many clients ask about protecting their assets in case of a long-term care scenario. They wonder if they need long-term care (LTC) insurance and how it works. Since November is also Long-Term Care Awareness Month, we wanted to share these facts with you:

  • A recent projection by PBS NewsHour and the SCAN Foundation estimated that 70% of people 65 or older will one day need some form of long-term care.1
  • If you need nursing home care, you may risk draining your retirement savings. Last year, the average monthly cost for a semi-private room in a nursing home was $6,844, according to Genworth Financial’s respected Cost of Care Survey.2
  • Medicare will not take care of your long-term care needs. Medicare only pays for the cost of a skilled nursing facility for 20 days; it then requires a significant co-pay from you for the next 80 days. After 100 days, Medicare’s long-term care coverage runs out.3
  • Medicaid will pay for long-term care, but only after your income and assets fall below state and federal thresholds.3
  • Long-term care insurance isn’t just limited to nursing home coverage. Long-term care is defined as any assistance provided to someone who has a condition or illness limiting the ability to perform normal daily activities. This can range from help with eating or dressing to forms of rehabilitative and therapeutic care.4

We can help you look for long-term care coverage that is effective and affordable. Contact our team today to start exploring the possibilities.

1 – [5/17]
2 – [6/22/16]
3 – [7/7/17]
4 – [7/28/17]