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How Long Term Care Insurance Helps Seniors Age with Dignity

Make Aging with Dignity a Reality – not Just a Wish!

Aging with dignity means having the ability to live your life to the fullest in a place you call home, regardless of your age or health. It’s about living independently, and many seniors have strong feelings about how they will live as they age.

Unfortunately, this little-known fact could make things difficult for seniors and their families: 70% of people over 65 will need some form of long-term care at some point in their lives. Even worse: few are preparing for it and the burden is falling on family members instead.

Long Term Care Insurance Matters – Because these Costs are Not Covered!

Most Americans believe that their private (employer health insurance) and government insurance programs (Medicare) will pay for their long term care expenses. This is not true.

Medicare pays for a maximum of 100 days of care, but a daily co-pay is required and this benefit covers only skilled care and not chronic care. The average length of a nursing home stay is 2.5 years and assisted living is 4.5 years. Depending on how you are covering your post-retirement health care needs, these numbers could mean insufficient coverage and the cost for long term care can be financially devastating.

You Are Not Alone – Long Term Care Insurance Gives You Options

Depending on your personal financial circumstances, it’s a good idea to sit down with an agent from The Nowell Agency who can help you determine your risk and your best protection against financial burden due to long-term care needs. Here are a couple of options:

  • A traditional long term care policy
  • A life insurance policy with a long term care rider

We also have other options for uninsurable situations as well as funding options through your IRA, systematic annuity withdrawals, etc.

Planning for long term care means avoiding the potential for dependency on government programs and the limits placed on your choices of care. It protects the surviving spouse from financial ruin and poverty. It will help preserve a financial legacy for your heirs. That’s a lot of protection for a small investment in your future and your ability to age with dignity. Secure your peace of mind and your family’s by planning early for long term care insurance.

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