Long-term care involves a variety of services designed to meet a person’s health (like medical care) or personal care needs (like bathing, eating, moving from bed to chair, dressing etc.) during a long period of time. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own. Care can be provided in-home, such as by unpaid family members, or it can be out-of-home, such as a nursing home or adult day care. But did you know people of all ages may need Long Term Care? A young person might have an accident or serious illness, and they may find themselves in need of long term care.
Nursing facility costs can average around $10,000 monthly, which translates to $120,000 annually. The average individual is not prepared for a financial burden of this magnitude and guess what: Medicare typically does NOT cover.
Retirement planning does not automatically include long term care, which is why everyone should talk with an expert to understand what they can expect and how to mitigate huge costs and stress ahead of time. There can also be a 90-day waiting period, which makes it even more important to consider a good plan early on.
We are happy to help and answer your questions, and have a division dedicated to this type of coverage.
