Avoiding unplanned financial loss upon entering the golden years oftentimes becomes a more daunting task than our clients imagine. While life insurance policies are extremely vital in protecting our clients and their beneficiaries, these benefits are unlikely to provide assistance if our clients are unaware of the danger of living without long-term care (LTC) protection.
Many times, those approaching or entering the retirement period sleep with one eye open—watching the stock market and listening to the stories about the budget woes—to ensure their finances remain in order. In reality, this is a miniscule problem in comparison to other factors that could cause financial detriment and derail a well-thought-out retirement plan.
One of those factors is a major long-term care event. Conveying the high expense of assisted-living communities and nursing home care to our clients is the first step we must take. In a study by Genworth Financial, the cost of assisted-living facilities is noted to be upward of $4,000 per month, with nursing homes coming in at an average of $8,500 per month. Many of our clients are under the impression Medicare will cover these expenses; however, it will not cover a patient's entire stay. Normally, Medicare will only cover the first 100 days.
A sound solution
