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Long Term Care

Long Term Care: Income for Life

In all likelihood the reason you have found your way to our site is because you are concerned about having enough income to last the rest of your life.

For many Americans, the “income for life” problem – the fear of outliving their assets – is followed closely by the fear of losing all their assets should they require long-term care services.

Long term care is provided for those that have illness, disability or cognitive impairment and need assistance with the activities of daily living.

  • Today nearly 12 million Americans are receiving long term care.
  • Nationally the average nursing home cost is $74,806 a year
  • The average cost for a licensed but noncertified home care provider is $22.15/hour, this equates to $46,072 annually for 40 hours of weekly care.
  • The average length of care for custodial or informal care is 4.3 years
  • 50% of all Americans will need LTC at some point in their lifetime
  • The average nursing home stay is 2.5 years
    • 30% are from 3 months to 1 year
    • 37% are between 1 and 3 years
    • 33% are for more than 3 years

It is important to know that the government and private health insurance will cover little of the long term care expenses incurred during our lifetimes.

  • Medicare pays 100% of long term care expenses for the first 20 days and all but $124 per day for days 21-100; beyond the 100th day Medicare pays nothing! It is important to note that Medicare only covers skilled nursing care.
  • Medicaid will cover long-term care expenses, but only after assets and resources have been exhausted.
  • Private health insurance does not cover long term care expenses.

In order to protect assets and dignity, long term care insurance may be the most appropriate solution. If you would like to discuss how these plans work and get a quote that is specific to your unique situation please call or email today.

Additionally, feel free to click on the carrier links to get more detailed information on LTC products and solutions.

Click here to request a Long Term Care quote

Annuity Quick Quote can help you to choose the best fixed annuity for your retirement or long-term care needs. For some people, that might be an immediate fixed annuity that provides a set income and regularly scheduled payments. For those who want investment flexibility, a variable immediate annuity might be a better option. Annuity Quick Quote offers a complimentary consultation with a Certified Financial Planner who will provide an honest assessment of each option – including immediate, fixed or variable annuity drawbacks. Your CFP can also assist you with a broad range of financial planning decisions such as IRA distribution planning. Call 1-888-693-8393 for an instant, no-obligation annuity quote.