Long Term Care for Retirees
Add LTC Insurance to Your Retirement Plan
Professional Benefit Solutions knows that a solid retirement plan includes protection for yourself and your family — and Long Term Care Insurance is a critical component. While nobody wants to think about needing nursing home, skilled care, or home health services, statistics show that 70 percent of us will require some form of long-term care in our lifetimes.
Medicare provides coverage for a 90-day stay in a long-term care facility, but after that period, individuals are responsible for all costs. Today, the average daily cost of a long-term care facility ranges from $200 to $300, and the average length of stay is approximately 835 days. For most people, this is far beyond what can be paid from savings alone.
Protecting Your Assets and Your Family
Retirees need to know that unexpected care will not result in the loss of a lifetime of assets. Professional Benefit Solutions can help you explore Long Term Care Insurance options so that if you require nursing home or home health services, you will have the financial resources to cover your care without draining other assets.
With careful planning and the right policy, you can protect your health, your finances, and your family’s future.
Long Term Care Options
Traditional Long Term Care Policies
Many retirees may already have a Long Term Care policy purchased to offset these costs, often offered as an inexpensive, optional benefit from an employer. If you have one of these policies, it is important to keep it current — even if premiums increase. Policies purchased in the past often have rates well below what it would cost to replace them today.
However, many policies do not provide enough coverage for today’s costs or enough days to meet the average long-term care needs. Professional Benefit Solutions can help you identify supplemental policies to ensure you are adequately protected. If you do not already have coverage, we can help you find a policy that provides peace of mind and financial security for your care needs.
Long Term Care and Life Insurance Combinations
A newer model of Long Term Care policies combines coverage with a Whole Life Insurance policy. The advantage of this approach is that you and your beneficiaries never lose out. You receive Long Term Care benefits if needed, and your family receives a life insurance payout if the services are not used.
These combined policies are often most advantageous when purchased at a younger age, allowing more years to pay into the plan. For some seniors, however, this option can still make sense — providing coverage for care needs while leaving a cash legacy for family if the services are not required.
Life Insurance Protects In Several Ways
There are a three different ways to think about life insurance. The first, and most obvious, is that it is a tool to assure that your family will have the financial resources to pay for mortgages, utilities, pay off big ticket items like cars, send children to college, and continue to survive financially if something...
Nursing Homes
Covering the Cost of a Nursing Home! If you are over the age of 65, congratulations! You made it to Medicare coverage! And Professional Benefit Solutions can help you with all your questions about signing up for your coverage, but while we are meeting, we really need to discuss Long Term Care coverage. If you are 65,...