Don’t let Long Term Care deplete your retirement assets.
We can’t predict the future, but we can prepare for it. In fact, many people utilize 401(k) or Roth IRAs to save for retirement. Most people, however, don’t consider their need for long term care and what could happen to their retirement savings if they don’t plan for it.
Long term care insurance coverage assures that you are cared for should you need assistance with activities of daily living and, at the same time, protects your retirement savings from being depleted for such care.
With life expectancies and health care costs on the rise, and with the uncertainty of government assistance in the future, we all face the likelihood of the need for long term care for our parents, as well as ourselves. Consider these facts from the U.S. Department of Health and Human Services (January 2007):
* 60% of people over age 65 are expected to need some form of long term care.
* 40% of those receiving long term care are age 18 to 64.
* The cost of nursing home care averages over $62,000 per year.
* Assisted living expenses for only three days a week averages over $16,000 per year.
Is this how YOU want to spend your retirement savings? Obtaining coverage now assures you better rates and provides peace of mind knowing that you and your family will have the means to cover the costs of care when the need arises. Don’t delay … act now while your loved ones - and you - are insurable and rates are lower.