How to pay for long term care?
People today are living longer than ever before, which presents a challenge to us as individuals and as a nation: how to pay for long-term care. The challenge is only getting bigger as the population of Americans over 65 is growing every year. 70% of men and women that reach age 65 will need some type of long term care.**
Nationwide, the average long-term care costs are between $50,000 - $100,000 per year. *** These costs will directly affect the majority of Americans. Care at home, where most people would like to receive it, can be just as costly and even more expensive depending on your needs.
Long-term care will affect virtually everyone whether you end up requiring care, being a caregiver, or watching friends and loved ones struggle under the burden. Think about how this situation might affect your family, and then consider how you will prepare for your long-term care needs. One of your options might be long-term care insurance. There are many plan design choices and each person’s long-term care plan can be customized for their specific circumstances.
To learn more and schedule a consultation, visit www.georgepolizos.acsiapartners.com
** U.S. Department of Health & Human Services, Caregiver Resources & Long-Term Care, retrieved 5/2/2018, https://www.hhs.gov/aging/long-term-care/index.html
*** Genworth Financial, Genworth 2017 Cost of Care Survey, retrieved 5/3/2018, https://www.genworth.com/aging-and-you/finances/cost-of-care.html
Client Testimonial
"I’ve had a long-term care insurance policy for more than 20 years, had a couple of rate increases and received notice from my carrier of a class action settlement. I had no idea how to make sense of the letter, so I called George, who wasn’t even my agent. He was recommended by my financial advisor. After George reviewed the letter, we got on the phone together with the carrier and determined that I can now have a paid-up policy and that of the options presented to check the appropriate box. Had I done nothing or missed the deadline, I would continue to pay almost $7,000/year. By calling George and his ability to communicate what was going on, I continue to have full coverage with no premium now or in the future. This coverage is very important to me as I am now 93. Thank you, George!"
-Pat K.