Is Your Retirement Savings Protected?
There is no one-size-fits-all when it comes to life insurance. Getting your life insurance plan right takes into account a number of factors.
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When the subject of long-term care comes up, you might think of older people. However, younger people may benefit from long term care insurance too. Most long-term care isn’t medical care, it is custodial care. This can help with the activities of daily living – like dressing and bathing and eating.
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But regardless of the age of the person, the cost of care—whether in a nursing home, assisted living facility, or at home with the help of an aide, might be high. What if you paid a home-health aide $20 an hour for eight hours a day, 20 days a month . . . that will add up to almost $40,000 a year.* A semi-private room in a nursing home may be more expensive than you think and will likely rise with the cost of living. Check the internet for estimates of the cost of care where you live.
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*This is a hypothetical situation our customers could face. It does not represent an actual person. The expenses are for illustration purposes only. Expenses may vary by state or provider
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It’s hard to imagine, but at some point in your life you may need long term care. You might consider long-term care insurance because the younger you are, the lower your premiums will be—and the less likely a health issue will make you ineligible.
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You might want to think of long-term care insurance as nest-egg insurance, because it can help protect your retirement savings from the costs of paying for care for yourself or a loved one.