As baby boomers approach retirement, interest in long-term care insurance has never been greater. Although the awareness factor of long-term care insurance is increasing most “boomers” know little about the workings of this worthy insurance product.
Individuals and couples needing long term care generally require assistance in basic daily living requirements but are not sick enough to be placed in a hospital. Unless someone is available within the family, this necessary assistance is most often contracted from licensed agency or hired individual. Typically costing $3,000 per month for a day care giver and $6,000 + for a 24 hour care giver, this expense can quickly exhaust savings creating a financial burden on younger family members.
Peter Green Insurance Agency LLC has added the “California Partnership for Long-Term Care” insurance plans to its menu of insurance offerings. This unique little known program was established with the insurance industry to assist individuals from exhausting savings or having to sell their home. Peter’s agency is one of a small number currently authorized to sell the California Partnership for Long-Term Care insurance plan thoughout Calfiornia.
Facts you need to know about your long term care risk:
- Medicare will not cover most of your costs.
- Medigap and Medicare Supplements do not cover these costs.
- Health Insurance does not cover these costs.
- Nursing home care in California costs up to $250 PER DAY.
The bottom line: You will have will have to pay for your care and need to develop a plan on how to do so with your family. A Long Term Care Insurance Policy should be an intregal part of any financial plan.