Long Term Care
More than half
of all women and a third of all men who survive to age 65 will
spend time in a nursing home before they die.
- Wall Street Journal 2/21/2001
Failure to prepare for the cost of Long Term Care is the primary
cause of impoverishment among the elderly..
- American Health Care Association.
The average stay in a nursing home is 2.9 years.
-Health Care Financing Administration
Spending on Long-Term Care for the elderly is more than $125 billion/yr.
-Health Care Financing Administration
...Are you prepared for Long Term Care?
Learn more
Long Term Care refers to a variety of
medical and health care services required by an individual on a regular basis
for an extended period of time. It can include
everything from being bedridden in a skilled nursing home to limited assistance
with bathing, meals, and walking.
Accidents, illnesses, and debilitating health
issues happen to ordinary people every day. Odds are you
or someone close to you will likely need long-term care.
People still think that long-term infirmity is not going to happen
to them. But the truth is that 50% of women and 33% of men will spend
time in a nursing home with the average stay being 2.9 years. Some
22 million people right now are receiving some kind of home care
in this country, averaging 18 hours a week.
In the NY tri-state area, the average nursing facility costs average
approximately $200-$300/day or $73,000-$109,500/yr. Based on a 5%
compounding annual growth rate from today's cost, in 20 years these
costs will increase astronomically.
No one
is immune to the risk of needing Long Term Care, and the
impact of paying for care yourself is an extreme financial burden
for most people. Provided
that you start early, these costs can be covered through your Long Term Care
policy.
Hamilton Cavanaugh & Associates, Inc. has relationships with several
major Long Term Care insurance carriers to help provide the most
suitable product for our clients.
Speak with your service representative or contact us to start preparing for your future today!
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