When it comes to insurance there isn't a one-size fits all approach.  This is especially true when it comes to long-term care insurance.

When thinking about your long-term care insurance policy, it is important to take the following into consideration

Protecting Your Assets

Long term care insurance should be a factor in your overall retirement planning. Because needs, resources and personal situations differ, it's important to discuss your situation with a trusted advisor.

Current Long Term Care Costs

Whether you plan to move to a warmer climate or closer to your family, the cost of care varies by state and by region. Where you retire is an important factor in determining the amount of coverage you will need.

Here are some national average costs for long-term care in the United States (in 2016).

• $225 a day or $6,844 per month for a semi-private room in a nursing home
• $253 a day or $7,698 per month for a private room in a nursing home
• $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
• $20.50 an hour for a health aide
• $20 an hour for homemaker services
• $68 per day for services in an adult day health care center

Remember, the cost of long-term care depends on the type and duration of care you need, the provider you use, and where you live.

How Much Care Will You Need

The duration and level of long-term care will vary from person to person and often change over time. Here are some statistics to take into account:

• Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.
• Women need care longer (3.7 years) than men (2.2 years).
• One-third of today’s 65 year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years.

As you can see there are many issues surrounding buying long term care insurance.  We know you have questions so give us a call and let's sort them out.