Paying for Long-Term Care

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Paying for Health Care and Long Term Care Expenses

Who Will Pay The Tab? 

For Many- Their Children Will Pay

 LTC FACTS

 75% Americans Have No Long-Term Care Insurance*

Medicare Will Not Pay For Long-Term Care*

Medicaid Pays For 50% of Nursing Home Stays*

$76,000 Is The Average Annual Cost for a Semi-Private Room in Georgia*($6,333/mo.)

​For many retirees, paying for out of pocket medical expenses will become a huge drain on their retirement savings. These expenses include everything not covered by Medicare and supplemental medical plans, as well as long-term care expenses. Remember, Medicare does not pay for non-skilled long-term care!

The Price Tag for LTC

According to Fidelity Investments, couples now approaching retirement may spend upwards of $250,000, or about $12,000 per year, on out-of-pocket expenses, including co-pays for medical care and prescription drugs. (This is based on an average of 20+ years spent in retirement.)

Long-term Care rates vary by state, but the national average for 2018 hovers at around $7,500 per month. The average length of stay in long-term care is 2-3 years.

With costs becoming almost prohibitive, many insurers are pulling out of the long-term care market. This may present a considerable problem in the future.

 By 2018 Only 18 LTC Insurance Carriers Offered Individual LTC

According to AARP, in the year 2000 there were 125 insurance carriers providing long-term care coverage.

Previously, the Only LTC Payment Options Were:

  1. Self-insure. The dangers here are obvious. Unless you have substantial retirement savings, at almost $70,000-$100,000 per year for long-term care alone, one can deplete a sizable nest egg in a hurry.
  2. Purchase private long-term care insurance at a cost of $3,000 to 4,500 per year, per person, (and rising). In the event that long-term care is not needed, this premium not refunded. It is money lost.

 Announcing – Asset Based- Long Term Care (AB-LTC) by Attorney Roccy DeFrancesco

Don’t Disinherit Your Children or Grandchildren

Answer These Two Questions and You Will Know

  1. Do you have assets earmarked for your children and/or grandchildren?
  2. Will these assets cover the potential cost of a chronic illness?

(Medicare will not cover “unskilled” chronic illness care). 

If you answered “yes” to these questions, then download  Attorney, Roccy DeFrancesco’s research white paper, Asset Based Long Term Care (AB-LTC).

WHY?

It contains the “Secret” that could accidentally keep you from disinheriting your children and grandchildren!

Download it HERE!

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Successful Retirement Panning is all about minimizing and managing these risks.

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