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Long Term Care

As the oldest Baby Boomers begin to move through their 60s, the biggest concern may not be outliving income but outliving good health.

For seniors, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 a year. Does your retirement plan account for this possibility? Would you be prepared for twice that amount as a married couple?

When asking yourself these questions, there are two critical components to consider. Remember, planning is everything when it comes to long-term care.

  1. You must exhaust virtually all of your financial means before Medicaid pays for long-term care. 
  2. Neither your employer group health insurance nor major medical insurance will cover long-term care.

We can help evaluate your situation and determine the right course of action for your particular needs.  This can go one of two ways. 

  1. Purchasing a long-term care insurance policy, or
  2. Developing an alternative long-term care strategy. For those clients who either can not afford or do not meet recommended guidelines for purchase of a long-term care policy, Daniel Krug & Associates has teamed up with Don Rosenberg, founder of the Center for Elder Law, to help protect our clients’ estates in the event of a critical illness.

1 Genworth Cost of Care Survey, 2010

2 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs, 2009