Long Term Care

Long Term Care

Morningstar.com sounded the alarm when they said Long Term Care “has the potential to make or break a retirement plan.” And indeed, there is a national crisis looming on the horizon since so many people have failed to make any provision for these costs, which can devastate a surviving spouse and quickly erode a family’s resources.

Many Americans incorrectly believe that Medicare covers Long Term Care expenses. And with costs for such care skyrocketing throughout the nation, we believe a solid program that can be used to offset the burden of Long Term Care should be at the core of every retirement plan.

There are solutions and they can be very affordable. Alternatives range from traditional Long Term Care insurance coverage to Hybrid Life Insurance policies that offer all the benefits of traditional life insurance plus the benefit of being able to use all or part of the death benefit to cover Long Term Care expenses.

Nest Insurance and Financial is here to help you navigate this potentially dangerous expense, and to provide you the peace of mind that comes from taking proactive steps to protect your family.

Contact Nest today to schedule your free consultation on Long Term Care policies and alternatives.

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Responsible people throughout the United States have made excellent plans for retirement. But too often, those same people have overlooked the risks of Long Term Care expenses – a failure that can undermine all of the other efforts related to retirement savings and insurance.

The statistics are alarming.

More than 70% of all Americans will require some form of Long Term Care in the future. (Source: US Department of Health and Human Services)

Actual Long Term Care expenses are far greater than most Americans predict. In fact, according to Forbes, 30% of Americans are so far off in their predictions that they underestimate the costs of typical In-Home Healthcare by 900%.

In 2018, the National Median Monthly Costs for Long Term Care ranged from $4195 per month for a Home Health Aide to $8365 for private room care in a nursing home. That’s a staggering range of $50,340 - $100,380 per year. (Source: Genworth Cost of Care Survey, 2018)

According to the US Department of Health and Human Services, “The most common source of payment for long term services comes directly from the patient’s income, savings or other assets or is paid by a willing family member.” This can quickly erode a family’s savings and retirement assets, too often leaving a healthy spouse in desperate financial trouble as they bear the burden of finding new sources to support their daily lives and fund their own medical care.

This is a completely avoidable problem that can be overcome with some strategic planning. Nest Insurance and Financial is here to help you discover solutions to offset the burden of Long Term Care and protect all that you have worked a lifetime to build.

What most people do not realize, though, is the best time to plan for Long Term Care is in your 50’s or early 60’s, when the best options are available at the best prices.

Whether the solution is a traditional Long Term Care Insurance policy or a new Hybrid Life Insurance program, Nest can help you identify the most efficient and effective approach possible in your specific situation.