7 out of 10 Americans over the age of 65 will need long term care at some point. And for Canadian couples over the age of 65, there's a nearly 7 out of 10 chance that one spouse will need long-term care at some point.
In Canada, living in a long-term care facility can cost more than $5,000 per month – over $60,000 a year! And the US National Median cost of a private room in a nursing home is $7,698. That’s $92,376 a year!
When you factor in the cost of doctor visits, medical procedures, prescriptions, etc., that number is going to keeping climbing.
If your need for long-term care comes after you retire, that financial burden could fall onto your loved ones.
The right life insurance coverage has the potential to keep you living well and independently. Long-term care as a part of a tailored life insurance strategy is a great way to protect your retirement funds – and keep your loved ones’ finances protected, too.
At WFGInsuranceQuotes.com, we can help. Contact us today, and together we can explore your options for long-term care – and do what we can to help keep those Golden Years golden.
Nationwide: “Understanding and Planning for Long-term Care.”
Godfroy Financial Group: “Money to Ensure Your Care for as Long as You Need It.” 2016
Sun Life Financial: “5 things to know about long-term care insurance.” 2.23.2017
Genworth Financial: “Compare Long Term Care Costs Across the United States.” 6.22.2016