The Long-Term Care Financial Sieve
Did you know?
Long-Term Care isn’t just about the elderly. About 40% of care recipients are under the age of 65 who have suffered from an accident or illness.
Some examples: cancer, stroke, heart-attack, jet-skiing accident, mountain biking accident, or car accident.
The current cost of long-term care services can easily exceed $10,000/month in the Northeast.
Care on average is needed for 3 - 4 years, resulting on a financial exposure of $360,000 to $480,000 on average.
Long-Term Care services are generally not paid for by Disability, Medicare, or Health Insurance
Almost 70% of Americans turning age 65 can expect to use long-term care services during their lives, but only 1/3 of Americans have set aside money to protect themselves should the need arise.
Long-Term Care can quickly deplete one’s savings or retirement account, and often bankrupts a household.
Fortunately, more Employers are offering benefit programs that can protect Employees against financial sieve in the event long-term care services are required. These programs often leverage Life/LTC hybrid products, are affordable, and offered on a Guarantee Issue Basis.
