Why do I need Long Term Care Insurance?

Fidelity Investments recently did a study that says the average retiree will spend between $220,000 and $240,000 in health care costs during the course of their retirement. The alarming part of this is that this quote doesn’t even include Long Term Care.

A single room at a nursing home facility will cost near $88,000 per year while part time in-home care by a health specialist will be significantly less. Regardless, everyone should have a plan in place. Luckily, Eck Agency is here to help.

So what are the reasons I need Long Term Care Insurance?

  • Avoid Being a Burden
  • None of us want our future health-care needs to create a physical or emotional strain on family members.

  • Protect Family Finances
  • Individuals work a lifetime to accumulate assets. They build a net worth and spend considerable dollars protecting assets against taxes, estate costs and family issues.

  • Provide liquidity
  • Some business owners have significant net worth, but minimal liquidity and cash flow. Farmers, for example, may have high land value assets, but the majority of their cash flow goes back into the operation of the farm. Other business owners may hold significant wealth in non-income producing assets, or assets that are difficult to sell due to tax consequences. In these situations, long term care insurance can reduce out-of-pocket health care expenses and protect cash reserves for day-to-day living and business costs.

  • Peace of Mind
  • Most people purchase long-term care insurance for emotional reasons. Numbers and dollars are important, but so is peace of mind.

Let Eck Agency help you gain the peace of mind and financial stability needed for your future.