Long-term Care

Pg 30-31 of “Who’s Sitting on Your Nest Egg?”

Increased longevity also brings with it the likelihood of declining health. What provisions are being made, physically and financially, in the event we’ll need long-term care? Will we be better off going into a nursing home, rather than living at home or moving in with a family member?

The possibility of developing a need for long- term care, either for yourself or your spouse, can disrupt even the most carefully designed plans for a safe and secure future. In such cases, purchasing a long-term care insurance policy can offer some measure of protection. There’s a wide range or products from which to choose, and your financial planner can help guide you in selecting one best suited to your needs.

Generally speaking, purchasing this type of coverage is better done sooner than later. According to the American Association of Long-Term Care Insurance, a fifty-five-year-old individual in good health can purchase long-term care insurance for an average cost of $772 a year. For a sixty-five-year-old person, the average cost is $1,456 a year.

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