Long-Term Care Insurance
Will You Need Long-Term Care Insurance?
There's no way to know for sure, but recent studies indicate that more than 50% of all Americans will eventually need some form of extended care by the time they reach the age of 65. However, it's the costs of long-term care that you should really be paying attention to:
- The national average for a private room in a nursing home is $77,745 per year (or $213/day).1
- A semi-private room in a nursing home costs an average of $68,985 per year (or $189/ day).1
- The national average for an individual residing in an assisted living community is $35,628 per year (or $2,969 per month).1
- Home health aides charge an average hourly rate of $19.2
- Homemakers/companions charge an average hourly rate of $18.2
- Adult day care centers charge an average daily rate of $61.2
Regardless of the care you need, it's obvious that the costs of long-term care can have a dramatic impact on your lifestyle, retirement savings and your family if you're not prepared for it.
The benefits of long-term care insurance
When to consider long-term care insurance
Purchasing long-term care insurance through Wachovia Securities
The Benefits of Long-Term Care Insurance
In addition to helping you protect your savings from the high costs of long-term care, long-term care insurance can help you preserve your standard of living and maintain control of your financial independence. It can also give you more choices regarding where you may receive long-term care, including in:
- Your own home
- Assisted-living facilities
- Adult day care centers
- Nursing homes
You can customize your long-term care insurance policy to fit your specific needs. You can also share your long-term care insurance policy with your spouse, which may result in lower premiums, rather than purchase individual policies.
When to Consider Long-Term Care Insurance
Long-term care insurance premiums are based on your age. The time to buy a long-term care insurance policy is before you retire, ideally when you are between the ages of 50 and 70. The earlier you buy the policy, the lower your premiums will be. Even though you may pay for a longer time, you can benefit from:
- Potentially lower total costs
- Benefit amounts that increase over time
- Decreased risk of being disqualified because of a change in health
Purchasing Long-Term Care Insurance Through Wachovia Securities
Wachovia Securities offers several different alternatives for long-term care insurance. Contact your Financial Advisor for help in determining whether long-term care insurance is right for your situation and to learn more about the benefits of long-term care insurance.
1The MetLife Market Survey of Nursing Home & Assisted Living Costs, October 2007
2The MetLife Market Survey of Adult Day Services & Home Care Costs, September 2007