Dispelling 4 Myths of Long Term Care Insurance

Did you know that 70% of people over 65 will require some care at some point in their lives? Nearly 44% of early and late Baby Boomers and Gen Xers are expected to fall short of meeting their basic financial needs in retirement – that is including their nursing home or home health needs. Based on these statistics it appears that a very large portion of us are entirely unprepared for retirement. Long-term care insurance can help ease the financial and emotional burden on you and your loved ones.

Why is it that so many of us do not purchase long term care insurance? Let’s dispel the myths!

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Tips for Long-Term Care as Rates Rise

When considering retirement plans, long-term care coverage shouldn’t be overlooked. The cost of long-term care is exorbitant — figures from 2010 estimated that a semi-private room in a nursing home can cost more than $6,200 per month, with private rooms costing over $6,900. An assisted living facility in 2010 could cost as much as $3,300 per month. And those rates are only going up in the future. Seniors without long-term care insurance are left paying these high monthly bills out of pocket, often depleting their retirement savings, which took decades to build, within only a few years.

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Avoid Financial Pitfalls by Planning for Long Term Care

Long Term Care is a tough subject for anyone to discuss. But not taking action could mean significant difficulties for you or your family later in life. Did you know that once long-term care is needed, the average American loses their entire life savings within nine months? There is a significant gap in health insurance that exposes a hole in the retirement planning process. Long-Term Care insurance works to cover this gap.

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