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Santa Barbara Coastal Advisors - Santa Barbara, California

 

Long Term Care Insurance Awareness Month

| October 14, 2015
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Long Term Care is very costly and is something that could easily deplete your life savings during retirement if not planned for properly. According to the U.S. Department of Health and Human Services, about 70% of people age 65 and older will need some type of long term care services in their lifetime. To add to this, based on The Metlife Study of Caregiving Costs to Working Caregivers, 25% of adult children, mainly Baby Boomers, will need to provide some personal and/or financial care assistance to one or both of their parents. this means that the burden of long term care may not rest solely on your shoulders, but it may inhibit the lives of those close to you as well.


                                            

Long Term Care Insurance is easy to obtain and in many cases you have the option to add a long term care rider to an existing or new Life Insurance policy, allowing you to have the dual benefit of having a death benefit to leave behind for your loved ones, and a source of long term care revenue to help you and your family when times get tough.


                                            Graphic_Infostat_LTCI_25percentadultchildren


The median cost for long term care coverage is hovering right around an annual rate of $84,000 and in some places it could very well exceed this amount. A common misconception with long term care insurance and life insurance in general is that it is something to put off until later in life; this isn't true. Life happens quickly and unexpectedly, and long term care insurance and life insurance can aid you in sudden, unforeseen events.

It is important to look into these types of policies, and seek the financial advice you need that is adjusted to your unique situation and expectations. Below is a video further highlighting the benefits to long term care insurance, and some testimonies by individuals who have it themselves.


                          

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