Long Term Care Planning: Avoiding One of the Most Dire Threats to Your Financial Security in Retirement
Date: Wednesday, January 25, 2017
Time: 6:30 PM - 8:00 PM
RSVP: TO MS. SHERI ADELSON AT 847-268-3670 EXT. 100.
Attendance is Limited to 30 guests only.
Long-term care insurance planning should be an integral part of every successful family's comprehensive retirement plan. According to information provided by the American Association for Long Term Care Insurance (www.aaltci.org), "... the lifetime chance that someone who buys a policy at age 60 will use their policy before they die is 50%." In general, the US Government does not pay for long term care, unless you are on Medicaid and receiving care in an approved Medicaid facility.
Assuming that you are 60 years old today, living in Illinois, and that you will need care at your age 79, it is projected that home care may cost almost $180,000 for 2 years of care. Assisted living facility cost is estimated at over $360,000 for 3.5 years of care, and nursing home cost is estimated to be almost $485,000 for a 3-year stay (www.genworth.com). In our practice, we have already seen several families suffer from the impact of long term care costs, with the result of completely devastating their lifestyle, independence and parent to child relationships, all from not having a long term care plan of action in place.
Learn more about the impact of Long Term Care in retirement