Why is Asset Protection Important?
Putting a Plan in Place now, as you would for any other future financial need and higher medical costs can help prevent potential long-term care expenses from impacting your family and finances later on. Long-Term Care Insurance can help protect your retirement savings if you need care.
Around 70% of all Americans age 65 and older will need long-term care at some point in their lives.*
Health Insurance and Social Security
Do Not cover Long-term care expenses.
May cover a portion of long-term care costs, but only up to 100 days.
Covers long-term care expenses for individuals with assets of $2,000 or less (varies by state); care may be limited to a nursing home.
Many people assume their adult children will care for them later in life, but this presents a huge financial, physical, and emotional burden that some people aren’t willing or able to take on.
Out of Pocket – Self Insure
Using income and savings or selling assets may be an option: however, considering the median annual cost for a private room in a nursing home is $87,600*, it may not be a very efficient option.
Long Term Care Coverage
Long Term care coverage is simply a way to protect yourself and your assets from the potentially devastating impact of a long-term care expense.
*U.S. Department of Health and Human Services, LongTermCare.gov. Jan 2017 *Cost of Care Survey, Genworth Financial, March 2014.
Life Insurance today can be written today to provide a benefit whether you live or die.
1. Provide a Living Benefit to pay for your care.
2. Leave a Life Insurance Benefit