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Planning for Long-Term Care

Posted by Admin on 3/16/2017

long-term-care


Why is it important to plan for long-term care?

The odds of needing long-term care are high:

  • Approximately 70% of people will need long-term care at some point during their lifetimes after reaching age 65*
  • Approximately 8% of people between ages 40 and 50 will have a disability that may require long-term care services*

For many, the cost of long-term care can be expensive, absorbing income and depleting savings. 

Some of the average costs in the United States for long-term care include:

  • $6,235 per month, or $74,820 per year for a semi-private room in a nursing home
  • $6,965 per month, or $83,580 per year for a private room in a nursing home
  • $3,293 per month for a one-bedroom unit in an assisted living facility
  • $21 per hour for a home health aide

     *U.S. Department of Health and Human Services, December 1, 2016

Should I buy long-term care insurance?

Like other types of insurance, long-term care insurance protects you against a specific financial risk -- in this case, the chance that long-term care will cost more than you can afford. In exchange for your premium payments, the insurance company promises to cover part of your future long-term care costs.

Long-term care insurance can help you preserve your assets and guarantee that you'll have access to a range of care options.

Before you purchase a policy, make sure you speak to a licensed, qualified Logix Financial Consultant. Contact us at (800) 553-3707 or make an appointment today!

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CA Insurance License #0D64827
 
Insurance products offered through Logix Financial Services.
Insurance products are: NOT A DEPOSIT • NOT FDIC OR NCUSIF INSURED • NOT GUARANTEED BY Logix Federal Credit Union OR ANY CREDIT UNION • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY LOSE VALUE
Insurance products are not available in all states.
 
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Topics: Insider, Insurance, Saving

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