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No one wants to think about the possibility that they or their loved ones may someday need help bathing, eating or getting dressed, but that is the flip side of today’s longer life expectancies. Long term care at a nursing home, assisted living facility or through a home care service is becoming a reality for increasing number of Americans. That care can cost thousands of dollars every month.
We can help you navigate through the various product solutions that are available today to help you defray costs. Many people have purchased long term care insurance that pays a specific benefit for a specific period of time. Others look to some of the hybrid products such as, life insurance with a long term care rider that works similar to the individual policies, while those that can transfer savings purchase a single payment life or annuity contract that leverages one’s money for long term care expenditures.
While none of these solutions are inexpensive, these policies have helped millions of families care for aging parents and other relatives, while preserving the assets they’ve spent a lifetime accumulating and hope to pass on to their loved ones someday.
● 7 out of 10 people will require long term care in their lifetime
● National median assisted living costs were $4,000 per month in 2018
Source: Genworth Cost of Care Survey, 2018