A Letter on Long Term Care

One of the key issues to address early in your retirement planning process is the need for Long-Term Care Insurance. With average nursing home rates now exceeding $330* per day in the Rochester area ($275* at the Orleans County Nursing Home), even an average 2½ -year stay would cost almost $315,000*. And with nursing home costs rising about 5% a year, the problem is only going to get worse. Unfortunately, health insurance and Medicare don’t provide any significant coverage for these expenses.

Long-Term Care Insurance allows you to protect your retirement and other assets so that they are available for your spouse and family. More importantly, it relieves your family and friends from the heavy care-giving responsibilities that come with long-term care.

Of course, long-term care is not just about nursing homes: most long-term care is needed, and wanted, at home. Long-term care insurance gives you the flexibility to remain more independent, stay at home longer, and take advantage of more options in getting care. If the time comes for a nursing home, you will be in the financial position to choose the facility you want.

We urge you to consider long-term care coverage now because of the many benefits in getting coverage at a younger age:

  • You will get lower rates
  • Inflation protection is available to help keep up with increases in the cost of care
  • You will be more likely to qualify for preferred rating based on your current health
  • Your coverage renewals are guaranteed – no worry about being turned down later
  • Covers you now should accident or illness occur before retirement
  • Allows you to pay for your long-term care expenses while you are in your peak earning years, rather than incurring much higher premiums in retirement.

Planning now can help you enjoy the freedom of a wider variety of choices later in life. I would like to meet with you soon to help you determine whether long-term care coverage is right for you.

Contact Us today!

* Last updated February 2010

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