Question 1: What if something were to happen and you needed extended health care? What's your plan? Chances are, if you can't identify a plan, neither will your children should you need special care in the future.
Question 2: What happens if you become frail? You may need constant care and that may put a significant burden on the caregiver. Long-term Care insurance gives you the option to hire a caregiver that helps your family cope with the significant challenges of giving constant care. This allows for needed relief and helps families balance their lives.
Question 3: Are you planning to self-insure or hope that Medicare will cover Long-Term Care expenses? You may be surprised that Medicare was not intended to cover the expense of an extended period. Avoid having to hand over your home or other assets to get the medical care you may need.
Did you Know?
According to data compiled by the Social Security Administration:
- A man reaching age 65 today can expect to live, on average, until age 84.3.
- A woman turning age 65 today can expect to live, on average, until age 86.6.
- About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
Experts project that by 2030, more than 40% of all Americans will have a chronic condition, with 10% limited in their ability to live independently. After reaching the age of 65, there is a 40% greater chance of entering a nursing home