Will you enjoy retirement? Will you leave something to you children and grandchildren?
We all have these goals, but so many of us do nothing to protect them which is why we at Safe Harbor are big believers in Long Term Care Insurance (LTCi). Many people are unaware of the risk to their retirement though an aging population and huge federal deficits engulfing Social Security and Medicare, lead us to believe that people with assets will be expected to pay (or their estates will re-pay) the government for the care they receive.
According to an annual survey conducted by John Hancock Life Insurance Company, at least 70% of people who live to age 65 will require some long-term care services at some point in their lives. The latest statistics show that the average stay in a nursing home is 876 days, or about two and half years. At approximately $200/day (today’s average cost of a nursing home) the tab comes to over $175,000. Even a basic benefit policy of $100 per day will go a long way toward paying for care.
Almost all of us have a relative or a friend with a relative receiving long term care assistance, so we know this a real risk we face. The agents at Safe Harbor are here to educate you and help you find the protection you need. Call us when you are ready to talk.