Long-Term Care Insurance
Planning for a long-term care event helps protect your financial future, and helps your family make difficult decisions during an emotional time.
Long-term care is an extended or chronic health care event that requires the need for an individual to receive ongoing custodial care. This event may be due to an accident, illness and/or disease, has no bias to an individual’s age, gender, race or socioeconomic status, and can create unintended financial and emotional consequences to them, their spouse and family.
By creating a long-term care plan today, you can help safeguard your future healthcare wishes, protect your loved ones, and preserve your retirement income and legacy goals.
Types of Long-Term Care
There are many different ways that an individual can receive care for a long-term health event, but they generally fall within three distinct categories:
- Home care (i.e. Homemaker Services, Home Health Aide, or In-Home Care – Skilled Nursing)
- Community-based care (i.e. Adult Day Health Care (ADC))
- Facility care (i.e. Assisted Living Facility (ALF), Nursing Home Care)
Within each of these categories, there are both unskilled and skilled care services. It is important to know how both types of care settings work so that the proper care plan can be put in place.
What’s the cost?
If you are worried what the cost of long-term care can do to your retirement savings and the legacy you leave to your family, you are not alone. For many Americans aged 65 and older, long-term care is the greatest threat to their standard of living.
The average cost for long-term care can range from $40,726 to $148,190 per yearGenworth Financial Cost of Care Survey conducted by CareScout, June 2019, depending on your state. But with proper planning and the right insurance, you can take control of the cost of long-term care for you, your spouse and your family to help ensure that you receive the kind of care you want.
Learn more about the options available to help you control the cost of long-term care and preserve your estate. Our knowledgeable and experienced Financial Advisors at Addison Avenue are ready to discuss how to implement a smart, efficient protection plan for you and your family.
Get started today.
Long-Term Care Insurance Products may not be suitable for all investors. These policies have exclusions and/or limitations. The cost and availability of Long-Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long-Term Care insurance. Guarantees are based on the claims-paying ability of the insurance company.