One of the biggest threats to Boomers preparing for retirement is assisted care. It’s likely you’ll need some form of care as you age, and it will be one of the largest expenses you face in retirement. Consider these facts: There are 1.4 million Americans in nursing homes,1 which cost on average $91,250 a year.2
This is a long-term care insurance solicitation. An insurance agent/producer may contact you.
To help you properly prepare, here are three concerns associated with assisted care, plus a solution to help you face them:
1. Protecting assets
You’ve made many sacrifices to get where you are today. You’ve worked your entire life to build your assets—such as your home, savings/retirement funds, and your legacy. Don’t let the cost of long-term care wipe out everything you’ve worked for.
2. Relying on loved ones/family
Friends and family are the sole caregivers for 78% of the elderly.3 By allowing your family to supervise your care rather than provide it, you can avoid solely relying on your loved ones for care, and be more in control of the financial impact that care can take.
Identity, independence, personal privacy, and choices…without proper assisted care planning, all of these are at risk. You can protect your dignity by maintaining control over where you receive assisted care.
The solution: how to protect savings & maintain control
Long-term care insurance for nursing home care, home health care or both can help you maintain control of where you will receive care, and help protect your life’s savings from the high costs of assisted care services.
Are you ready to let a Bankers Life agent help design an insurance plan that fits your needs? Contact us today!
1Centers for Disease Control and Prevention, Nursing Home Care, https://www.cdc.gov/nchs/fastats/nursing-home-care.htm, May 3, 2017. 2Genworth, 2015 Cost of Care Survey, https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/130568_040115_gnw.pdf, 2015. 3CareScout, Long-Term Care Costs Across the United States, February 2015
Assisted care coverage refers to insurance with benefits for assisted care, such as Long Term Care insurance. Underwritten by Bankers Life and Casualty Company, Chicago, IL. These policies have limitations and exclusions. For costs and complete details of coverage, contact the agent/producer. Bankers Life is the marketing brand of Bankers Life and Casualty Company, Medicare Supplement insurance policies sold by Colonial Penn Life Insurance Company and select policies sold in New York by Bankers Conseco Life Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York.