Long Term Care (Tryon Financial Group)
As the oldest Baby Boomers begin to wind through their 50s, one of the biggest concerns may not be outliving income, but outliving good health.
For seniors, home health care can cost $50,000 or more per year(1), and nursing home care can run as high as $80,000(2). Does your retirement plan account for this kind of possibility? Would you be prepared for twice that number as a married couple.
Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care and neither your group nor major medical insurance will cover long-term care, it’s critically important to plan ahead and protect yourself from these costly expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy is the right move to help insure your future.
(1) Genworth Cost of Care Survey, 2010
(2) MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009