How to Pay for Long Term Care
If you or a loved one are trying to figure out how to pay for long term care, you are not alone. It is estimated that nearly 10,000 baby boomers turn 65 every day and over two thirds of them will need some form of long-term care. Long-term care costs have only increased with the years and almost always vastly exceed whatever you might be expecting from Social Security or Medicaid/Medicare. Long-term care costs often impose great hardships on families who do not wish for their loved ones to end up in government facilities with shared rooms and substandard care.
Elder Care Funding would like to introduce our Long Term Care Benefit Plan as a solution to the problems you may be dealing with when it comes to affording long term care. But first, let us take a closer look at the issue.
Why are Long-Term Care Costs so High?
The simple answer to this question is: the demand for long-term care has increased dramatically in the last decade and the supply of long-term care providers has not grown fast enough to keep costs down. In the last decade, the costs of nursing home care have increased by nearly 6% every year. Today, a stay in a semi-private nursing home can cost over $100,000 per year. Costs for assisted-living facilities have also increased and can cost between $2500 and $6500 per month, depending on the facility and location.
Needless to say, these costs are substantial and can deplete all but the largest of nest eggs. My grandfather recently passed away and required long-term care for nearly eight years. He bravely served this great nation in World War 2 and became a successful cattle farmer after he returned home from the war. He retired a millionaire but ended up spending over 80% of his fortune on medical bills and long-term home care. If you or your loved one are not a retired millionaire, you could have great difficulty finding out how to pay for long term care.
Getting the Most out of Life Insurance Policies
Life insurance policies can be extremely valuable assets when it comes to long-term care. Unfortunately, they are often under-leveraged. Frequently, people trying to figure out how to pay for long-term care cash-out their life insurance policies or let the payments lapse because they can no longer afford the premiums. Don’t make this mistake! Life insurance policies with a death benefit in excess of $50,000 can be converted into long-term care plans which could be worth four times the cash surrender value! Elder Care Funding’s Long Term Care Benefit Plan can help you get the most out of your policy now!
Sign Up for the Long Term Care Benefit Plan Today!
If you cash out your policy, you could be losing a lot of money and could jeopardize your financial future and the care options for you or your relative. Take a look at the Elder Care Funding website to see if you qualify! Or call 1-844-814-6511 to speak to an elder care specialist!