Long Term Care Insurance. Why you need insurance for long term care!

Did you know that there are 75,400,000 aging baby boomers in the United States? Thanks to improved health care and technological advancements, Americans are living much longer lives today on average than they were just a few decades back.

Longer life spans and more post-retirement years opens the door to an entire new spectrum of financial worries. According to Forbes, 7 out of every 10 Americans age 65 and older will require some kind of long term health care, which can be super-expensive. The median U.S. private-room nursing home cost $92,378 a year in 2016. If that’s not high enough, the projected annual cost for a median U.S. private-room nursing home in 20 years is $166,845. With this kind of cost for nursing homes, you can only imagine what home care would be like.

How can the average American expect to cover these costs?

Thankfully, with long-term care (LTC) insurance, these worries never need to surface at all. Insurance for long-term care ensures peace of mind for retiring Americans and their loved ones by providing long-term care coverage if and when the need arises. Here at Landau Insurance Brokers, we offer plans with extensive and broad coverage at premiums you can afford. If you are new to the life insurance/LTC insurance world, you can read up on the different types of life insurance on our blog.

If you haven’t yet purchased an LTC insurance plan, here are five reasons why you should consider opening one today:

1. To avoid being a burden on family

No one wants to be a financial or emotional strain on their family members. With LTC insurance, you can enjoy a loving, stress-free relationship with your children and spouse throughout your golden years.

2. To pay for in-home care

There’s no place like home, especially when you’re recovering from a stroke or another medical crisis. According to data from the American Association of Long-Term Care Insurance, over 50% of LTC insurance benefits are used to cover the cost of in-home care. Without LTC coverage, you can end up looking at a bill of more than $40,000 per year for a home health aide to come to your house for eight hours each day.

3. To protect family finances

You’ve likely worked for most of your lifetime to build your net worth with hopes of leaving some of your assets to your children. Why risk losing all or most of your assets to medical costs when you can easily avoid it by taking out an LTC insurance policy?

4. For peace of mind

Financial security during retirement is crucial—and so is peace of mind. As mentioned, long-term health care can devastate even the most carefully-constructed retirement plan. Having LTC insurance will give you that peace of mind you need to retire without fearing a medical catastrophe.

But be aware: COSTS ARE RISING!

Unfortunately, premium rates on LTC insurance are going to be subject to a 30-50% increase in 2023. Which all the more reason to buy this essential product today!

To help you get the coverage you need at a price you can still afford, Landau Insurance Brokers will help you from start to finish. You can still cash in on lower premiums and get the same great coverage. Call today to find out more.