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How is the best way to pay for your care?

An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of three years. How will you pay for care if you need it?

Most people have a legitimate concern about the possibility of declining health as they age, and the cost of extended care services. The majority of people end up relying on Medicaid to cover the cost of services such assisted living or a nursing home, but that benefits available only after you have exhausted almost all of your personal income and assets. Long-term care insurance may be a viable option, but is generally rather expensive and if you don’t use the coverage, the money you paid in premiums has been lost. A relatively new product is a combination of life insurance and long-term care coverage. These contracts provide some level of long-term care coverage if needed, as well as a death benefit for your heirs, which makes it an option worth consideration.

Watch to learn more.