As the end of the year approaches, we realize we’re getting older. For some, it’s a good time to consider planning for long-term care. According to the National Clearinghouse for Long-Term Care Information (www.longtermcare.gov), about 79% of people over age 65 will need some type of long-term care during their lifetimes and more than 40% will require care in a nursing home. The average yearly cost for long-term care is about $74,820 for a semiprivate room, while the average annual cost for care in an assisted-living facility is $39,516.
The Life Insurance and Market Research Association (LIMRA) estimates that over 7 million Americans have long-term care insurance (LTCI). However, U.S. Census Bureau statistics show that there are over 40 million Americans age 65 and older. So only a small percentage of those who face the increasing prospect of long-term care have LTCI.
Now is a great time to review your long-term care, especially in light of some new products that may be available. If you have questions or need assistance, contact the Insurance Experts at Henssler Financial:experts@henssler.com or 770-429-9166.
Disclosures
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
