Along with Medicare, life insurance, and annuities, Long-Term Care is a vital step in planning for a smooth retirement. Long-Term Care goes beyond doctor and hospital care, and affects people young and old. Unfortunately, Medicare does not cover long-term care. Long-term care includes all the assistance you would need after a chronic illness or disability strikes, leaving you unable to care for yourself for an extended period of time. This care is given in home, assisted living facilities, adult day care centers, and nursing homes. Long-Term Care can be defined as visiting nurses, home health aides, friendly visitor programs, home-delivered meals, chore services, adult daycare centers, and respite services for caregivers who need a break from daily responsibilities can supplement care given by family members.
Long-Term Care primarily affects people age 65 and older. Debilitating diseases, accidents, and old age contribute to the dire need for this type of care in retirement. The statistic states that one in three people over the age of 65 will need this type of care for an average of 2.9 years. Where family members used to be relied on for this type of care, working mothers and busy families make it nearly impossible to lead productive lives and provide constant care for parents and grandparents. With the average cost of home-health aides costing $4,000.00 for just one month of care, with assited-living and nursing homes at $6,000.00 and higher, protecting yourself against these financially devestating numbers is absolutely essential to a well-planned retirement, along with the ability to leave a legacy to your family.
Long-Term Care insurance provides the protection families need against this worrisome statistic. For an affordable monthly premium, the insurance company can incur the risk of the skyrocketing cost of long-term care. These plans are flexible, and can be designed to fit any family's budget. Please contact one of our agents today regarding this indispensible protection.