The good news: We’re living longer, thanks to healthier lifestyles and continuous improvements in medical care. Now the bad news: That increased longevity comes with its own challenges. The longer you live, the greater the chance that you’ll need extended medical care—whether it is to rehabilitate after a broken hip, manage the effects of Alzheimer’s disease, or any of the other ailments that may wait down the road.
“According to the U.S. Department of Health and Human Services, at least 70% of people over age 65 will require some long-term care services at some point in their lives, As you age, your potential for needing long-term care increases significantly.”
In previous generations, the caretaker role typically fell to family members. For instance, an aging father would move in with his grown child’s family, who would provide care—from help with daily activities to rides to doctors’ appointments. These days, however, many of us are reluctant to saddle our children or other loved ones with responsibility for care.
That leaves the aging population to rely on help from professionals—including home health aides, nursing homes, and other providers. And that help can be costly: A year of nursing home care carries an average cost of $90,000, according to MetLife. So you face a crucial decision as you get older: Should you rely on your retirement nest egg and other savings to pay the bill if you need long-term medical care, or should you consider the up-front cost of long-term care insurance?
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The LTC annuity solution is similar to the LTC life solution, with annuities incorporated into the strategy.
Two out of three individuals will eventually need some form of “elder care,” according to the Department of Health and Human Services. Many of these necessary services are not covered by Medicare or Medicare supplements. This is where long-term care insurance can come in to play. However, if the LTC is never used, you can lose all the money you paid into it.
This short video explains the benefit of putting that money into life insurance with a Long Term Care rider.