Protecting Your Retirement Nest Egg
You’ve worked hard. You’ve got a great life to show for it and you’ve set money for retirement. But sometimes life happens – you get in an accident or develop an illness that makes it impossible for you to care for yourself for an extended period of time. And then what? Who would take care of you? How would you pay for that care?
That’s where long-term care insurance comes in. Having long-term care insurance means that you can get the high-quality care you need (in the setting of your choice), maintain your independence, and relieve the financial and care-giving burdens from your family.
Most people don’t realize that there’s a 70% chance you will need some type of long term care after 65 – and it can be expensive. A home health aide costs around $20 per hour. That’s like hiring a fulltime employee at $42,000 a year. And a private nursing home can range from $80,000 to $100,000 a year. Unfortunately, many people think their health insurance or a government program will pay for that. But for the most part, that’s just not true. Health insurance typically just pays for doctor and hospital bills. Medicare only covers short-term skilled nursing home care, and Medicaid only pays for your care if your assets are very limited. That means you’ll most likely be paying for care from your savings or retirement fund – and that can go fast.
Avoid this with Long-Term Care Insurance, which can help protect your retirement nest egg. And don’t put it off. A good time to purchase long-term care insurance is when you’re in your 40s or 50s – when premiums are affordable and your health is good.
You may be able to purchase long-term care insurance through your employer, an association, or a membership group. Or, because everyone’s needs are different, you can sit down with an agent to ensure you get a plan that works best for your needs and budget.
You have dreams of living a full life, don’t risk spending your money on anything else. Protect your assets and give yourself peace of mind. To find out more about long-term care insurance, give us a call and we can discuss your options and how it can work for you.
