As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health.
At-home care services average $20 per hour, and assisted living facility costs average $3,628 per month.1 Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.
1 Genworth Financial. April 2016. “Genworth 2016 Cost of Care Survey.” .Accessed Aug. 31, 2016.
2 MetLife. November 2012. “Market Survey of Long-Term Care Costs.”
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With 19 years of experience as an independent insurance broker, John focuses on helping meet your life insurance and long-term care needs. If you have questions or concerns about your current life insurance or long-term care, feel free to contact John using the form below.
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