Did you know that 70% of seniors will need long-term care at some point in their lives? For married couples, the likelihood rises to 90% that one spouse will need care. Yet, only 3% of people have a plan in place.
As people age or become ill, they sometimes need help doing daily tasks like getting dressed, bathing and more. Long-term care (LTC) provides people with those services—but it’s expensive.
Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life.
The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Without preparation, a health crisis can quickly become a financial crisis. We’ll help you put a plan together that protects both your health and your wealth, so you and your family are not caught off guard by one of the most stressful and expensive realities of aging.
