Don’t Wait: Have the Long Term Care Conversation

Posted by Christopher Musuneggi on November 14, 2018  /   Comments Off

LTCThanksgiving is just ahead on the calendar – a distinct reminder of the love, friendship, and community that makes our lives so special.  We can also be thankful for our health and well-being; we all hope to sustain our good health well into retirement. Even so, it is not unusual to think about what would happen in case of a nursing home stay or some other type of long-term care scenario. How would your retirement savings be affected?

As November is Long-Term Care Awareness Month, I feel this might be a good moment to share a few facts about this:

*The Department of Health and Human Services projects that at least 70% of Americans older than 65 will need long-term care. More than 40% will require nursing home stays.1

*If you end up needing nursing home care, you may risk draining your retirement assets. The average monthly cost for a semi-private room in a nursing home is now $7,441, according to Genworth Financial’s respected Cost of Care Survey.2

*Medicare will not take care of your long-term care needs. Medicare only pays for the cost of a skilled nursing facility for 20 days; it then requires a significant co-pay from you for the next 80 days. After 100 days, Medicare’s long-term care coverage runs out.3

*Medicaid will pay for long-term care, but only once your income and assets fall below state and federal thresholds.3

*Long-term care insurance isn’t just limited to nursing home coverage. Long-term care is defined as any assistance provided to someone who has a condition or illness limiting the ability to perform normal daily activities. This can range from help with eating or dressing to forms of rehabilitative and therapeutic care.4

I can help you look for effective and affordable long-term care coverage. Please contact me, and I’ll be happy to show you some of the options available. You can call me at 412-341-2888, or you can simply email me at marygrace@mfgplanners.com.

 

Have a great Thanksgiving. I am thankful for your continued business and loyalty.

Sincerely,

Mary Grace Musuneggi, CLU, ChFC, CFS,RFC

This material was prepared by MarketingPro, Inc. for use by Mary Grace Musuneggi, CLU, ChFC, CFS,RFC.

1 – entrepreneur.com/article/320518 [9/25/18]

2 – genworth.com/aging-and-you/finances/cost-of-care.html [10/9/18]

3 – cbsnews.com/news/long-term-care-misconceptions-retirement/ [7/7/17]

4 – agingcare.com/articles/definition-of-long-term-care-insurance-143436.htm [10/24/18]

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