Insurance

Have you planned for this financial risk?

DATE | 06/10/19
4
Min
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Fast fact: Once you reach age 65, chances are you’ll require long-term care (LTC) at some point in your life.

The duration of paid care varies widely. However, according to LongTermCare.gov, about 69% of those who turned 65 in 2017 will need an average of three years of some kind of LTC during their lifetime. And that can be costly. For example, in Wisconsin, the median cost for a semiprivate room in a nursing home for just one month is $8,334 (Genworth Cost of Care Survey 2018).

Unfortunately, most people haven’t planned for this financial risk—only about 7.2 million Americans have LTC insurance (AARP). For many, this means losing their wealth in a short period of time, even for a relatively brief nursing home stay.

Because neither health insurance nor Medicare was designed to pay for LTC services, individuals who require these services as a result of an accident or illness may need to dip into their personal savings or use other assets to cover the costs…unless they have LTC insurance.

LTC insurance can be more affordable than you think. If you meet requirements, plans may include rate caps, limited-time pay options, or the ability to insure two people for a discounted premium.

To learn more, call 1-888-247-5905 or visit membersplan.org to register for a webinar. This program is available to all Wisconsin public school employees, retirees, and many family members.