Financial Dimensions Group, Inc.

CONNECT

Address:

3900 Northwoods Drive, Suite 125
Arden Hills MN 55112
Ph: 651-481-6280
Fx: 651-481-6289

11272 86th Ave. N. Suite B
Maple Grove MN 55369
Ph: 763-416-8207
Fx: 763-416-8239

2880 Middle Street, Suite 203
Little Canada, MN 55117
Ph: 651-484-3122
Fx: 651-484-3144

708 Cleveland Ave SW, Suite 200
New Brighton MN 55112
Ph: 651-294-7900
Fx: 651-294-7021


Phone:

How Likely Am I to Need Long-Term Care?

If you were to suffer an illness or disability that required long-term nursing care, would you be covered?

Maybe not. The vast majority of Americans go through their lives reassuring themselves that it will never happen to them. However, if past trends continue, the average 65-year-old woman can expect to spend 30 percent of her remaining life with a disability that prevents her from leading a fully active life. While the average 65-year-old man can expect to spend 19 percent of his life with a disability.1

That means it could very well happen to you. And while nursing home costs vary from area to area, the average cost of a one-year stay in a private room in a nursing home in 2018 is $100,357.2

Medicaid, the joint federal and state program that covers medical bills for the needy, pays a substantial portion of long-term-care costs but usually only for those who are impoverished.

And Medicare is not paying much of the cost of long-term care. That’s why the elderly should not rely on Medicare for their long-term-care needs.

Clearly, long-term-care costs pose a real problem for the elderly and their families. Long-term-care insurance can help preserve your accumulated wealth and provide coverage in the event you need long-term care. This can go far in helping to address financial need during retirement.

 

Sources: 1) BenefitsPro.com, March 21, 2016; 2) Cost of Care Survey 2018, Genworth Financial, Inc.

The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the ­purpose of ­avoiding any ­federal tax penalties. You are encouraged to seek advice from an independent professional ­advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the ­purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2019 Broadridge Investor Communication Solutions, Inc.

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