january blog 2017Planning for long-term care now is essential for you to be able to get the attention you might need in your senior years. However, long term care insurance is often overlooked as a crucial planning tool.

According to a survey by Sun Life Financial, 36% of seniors believed that they would need long term care insurance. But the U.S. Department of Health and Human Services estimated that nearly 70% of people age 65+ will require long term care services at some point in their lives. The survey also found that 84% reported they don't feel financially prepared for their long-term care needs.

Regular health insurance doesn’t cover long term care, and Medicare typically covers only short senior living stays or limits the amount of reimbursement if you require rehab or skilled nursing. You might have to pay for care out-of-pocket if you’re not properly covered.

To mitigate such costs, familiarize yourself with your healthcare policy and coverage, and explore your options for added financial support like supplemental insurance. According to a 2016 survey by Genworth, the average cost of care in an assisted living facility averages $80,000 a year. It’s important to protect your retirement savings as you plan for your future care needs.

Long term care insurance protects your legacy and preserves the lifestyle you’re accustomed to. Purchasing a long term care policy can:

  • Preserve savings and assets for loved ones
  • Help maintain your financial independence, often eliminating the need to borrow money for care costs
  • Relieve loved ones from caregiving tasks since paying for professional care is an affordable option
  • Allow you to choose where you receive care
  • Expand the range of services a loved one receives, like time in adult day care centers

Embassy Healthcare has long term care communities across Ohio. Our Admissions staff is always available to answer questions and provide assistance. If you need help applying for Medicare, long term care insurance or have general coverage questions, our team is happy to assist.

If you're looking for a care community for your loved one, Embassy Healthcare has one close to home. Find an Embassy community in your area and arrange a tour today.