Most everyone understands the importance of wealth accumulation, as employers everywhere offer 401ks, 403bs, 457s and other ways to help employees accumulate wealth during their working years. In fact, these savings plans have been so effective, it is not uncommon for people to retire with up to $500,000 or even more!
That's the good news. Unfortunately, most Americans have not yet learned about the need for long-term care planning and wealth preservation strategies. Consider the following...
- Roughly half of Americans turning 65 will be admitted to a nursing home at some point in their lives.
- The average cost of a private room in a nursing home is now $74,095 per year, but the cost of care can easily exceed $100,000.
- Traditional health insurance, Medicare and supplements are not designed to pay for long-term care.
As medical advances increase life expectancy, the possibility of needing long-term care grows. Without planning, the wealth you have accumulated is at risk.
Learn more about your company sponsored long-term care benefit.
Click here to learn more about your long-term care insurance plan benefits