It’s unfortunate that so few families plan for long-term care given the very high probability that our aging loved ones will ultimately need long-term care. We are living longer and most of us will need long-term care. With the wave of aging parents of the Baby Boomer generation, the issue will become more prevalent.

 

Long-term care insurance is generally defined as skilled nursing care in a facility or in-home health assistance. Services typically include help with activities of daily living and healthcare.

 

The financial costs of long-term care have increased substantially in recent years. The average cost of nursing home care is $38,000 per year, with some regions and homes topping $80,000 per year. When you consider that the average nursing home stay is 2 ½ years, the out-of-pocket costs can be disastrous to most families.

Even worse, most long-term care costs are paid directly by families from their personal savings and the sale of important assets like their homes. Individuals who qualify for Medicaid (after becoming impoverished) may receive coverage for some homecare or nursing home costs. Contrary to popular belief, Medicare and supplemental Medicare insurance do not pay for long-term care. Increasingly, individuals are using private long-term care insurance to pay for anticipated expenses that are not covered by Medicare.

 

Sterling Benefits offers long term care insurance plans that can benefit you and your family. Give us a call (239) 775-1700 or request a quote today.

 

 

We look forward to developing a lasting business relationship with you and your family. Give us a call anytime.