We all know the importance of figuring out how much money we will need during retirement and being able to save enough money to generate what we need.
However, one thing most Americans don’t even think about is the cost of long-term care. Even though 70% of people 65 and older will need some form of long-term care in their lifetime, fewer than 15% of adults age 50 and older have a long-term care policy in place. Today’s cost of an assisted living facility averages about $45,000 per year and it’s double that for nursing home care!
Why is there such a coverage gap? Mostly, it’s due to a genuine lack of awareness and understanding of what long-term care insurance is, how it works and what it costs. Many people think Medicare pays for long-term care, but unfortunately it doesn’t. While a few wealthier people can pay for long-term care out of pocket, most Americans will not be able to do so.
What is the solution? It’s long-term care planning. And, one of the key components of a sound plan is a long-term care policy to cover some of the costs. There’s good news, today’s long-term care insurance looks quite different than it did 20 years ago. Many modern contracts pay out a life insurance benefit to the beneficiaries if the policyholder dies without using all of the long-term care benefits.
To be most effective, retirement and financial planning must include long-term care. WisMed Assure can help you discover if and how long-term care fits in your future. For additional information, please click here or contact WisMed Assure at 608.442.3810 or [email protected].
Kathy Mueller, CLU, ChFC, FIC, LUTCF
WisMed Assure Insurance Agent
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