Long Term Care Insurance
Long Term Care Insurance puts the keys back in your hands.
Every day, until the year 2030, 10,000 people will turn 65. The baby boomer generation is retiring. Most will need long term care. Facilities can’t be built and caregivers can’t be hired fast enough to keep up with the increase in demand. That is driving the cost increase of long term care.
There is a 70% chance you will need long term care at some point in your life. When that time comes you will have three choices of how to pay for the care.
- Pay for it out of pocket, requiring substantial liquid assets and depleting the money you can pass to the next generation
- Spend down your assets in order to qualify for medicaid, leaving you at the mercy of a government program
- Proactively purchase a long term care insurance policy. This provides you with money for care, allows you more control over the care you receive, and retains your current assets to leave behind a legacy
Long Term Care Stats
The younger generation, in addition to their genuine concern for their parent’s well being, are interested in two things. Inheritance preservation and minimizing their responsibility to directly care for their parents. We can assist families during the discussion on how to tackle long term care costs for their parents.
Download a copy of Genworth’s Cost of Care Guide