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Retirement PlanningDid you know that that a stay in a nursing home costs approximately $250 per day (or $91,000 per year), a cost that is expected to rise as the demand for services surpasses the supply of nurses? While many adults live long, healthy lives without the need for such care, about 40 percent of adults over age 65 will spend time in a nursing home. This risk is nearly doubled for women.

Why is this number so high? Modern medicine and healthier lifestyles have extended the human lifespan, allowing many individuals to live well into their 80s or 90s. Because of this, more individuals will need assisted living as they age.

The price tag that comes with this necessary care can grow exceptionally high as the length of your stay increases. Rather than deplete your savings account (and possibly those of your children as well), consider purchasing long-term care insurance. Preparing for the possibility that you may one day need long-term care is an important part of retirement planning and a good way to ensure that such future physical needs can be met. Long-term care insurance can cover stays in nursing homes, assisted living facilities and even home care.

Who needs long-term care insurance? Though Medicare does not cover long-term care, Medicaid can cover portions of such needs. This often makes long-term care insurance unnecessary for low-income individuals, along with the nation’s wealthiest individuals who can afford to directly pay for their care. It’s the middle class, the majority of Americans, who can benefit most from a long-term insurance policy. These individuals typically earn too much to qualify for Medicaid, but have too little in their savings to directly fund their treatment for extended periods of time.

Call your agent to learn more about long-term care insurance so you can make an educated decision when the time comes to consider buying your own policy.

Take care of yourself so the financial burden doesn’t fall on your loved ones. Call us at 925-244-1330 for more information on San Francisco long-term care insurance.

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