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The phrase “long-term care” refers to the help that people with chronic illness, disabilities or other conditions need on a daily basis over an extended period of time. The type of help needed can range from assistance with simple activities such as bathing, dressing and eating, to skilled care that is provided by nurses, therapists or other professionals.

Medicare will only cover a short stay in a nursing home or a limited amount of at home care, but only under very strict conditions. To help cover potential long-term care expenses, some people choose to buy long-term care insurance.

Long Term Care Factors to Consider

Your Age and Health

Policies cost less if purchased when you are younger and in good health. If you are older or have serious health conditions, you may not be able to get coverage or if you do get coverage, you may have to spend more.

Your Support System

You may have family and friends who can provide some of your long-term care should you need it. However, think about whether or not you would want their help and how much you can reasonably expect from them. Most people and families have their own lives and jobs, and cannot stop to care for loved ones like they would want to.

Cost of Care

According to Genworth, the monthly median costs for St. Louis, Mo., in 2020,  were calculated as:

  • In- home care costs: $4,480 per month!
  • Nursing home facility: $5,300 – $6,500 per month!
  • Annual costs: $45,000-$75,000 plus!

Long-term Care Insurance Will Help

The pros of long-term care insurance are that it allows you to maintain your independence, afford quality care, and reduce the financial and psychological stress that a long-term care event causes for the family. The cons are the premiums you will pay for the coverage.

Contact St. Charles Financial Services today to speak with a licensed professional and get a quote for a long-term care policy.

We are here to help protect what matters most to you!

Contact SCFS today and let one of our financial professionals customize a financial plan that helps prepare you for an enjoyable retirement in the future.