Long Term Care Can Take a Toll on Your Retirement Savings

The cost of long-term care is staggering. For example, a year in a nursing home can average $38,000 and can go as high as $74,000. And out-of-pocket home care expense can average between $80 and $150 per day!

How can you afford it, especially when it could mean depleting hard-earned retirement savings? Consider long-term care insurance. It lets you defray care costs down the road by paying a manageable premium today.

With Americans living longer than ever, many of us may need long-term care at some point in our lives.

• Nearly half of all people over age 65 may spend some time in a nursing home.

• For every person in a nursing home, five others may need similar care at home.

• Medicare                       4%

• Medicaid                     49%

• Out-of-Pocket             42%

• Private Health Care    1%

• Other                             4%

People with assets can end up paying for long-term care out of their pockets.

Government programs cover much less than you might expect. In fact, nearly half of all long-term care expenses are paid out-of-pocket.

• Medicare pays less than 5 percent of all nursing home bills in the U.S. This program primarily covers short-term stays for rehabilitation.

• Medicaid pays a significant portion of long-term care expenses, but only for those with little income or assets.

Your Long Term Care Solution

Why risk depleting your assets and compromising your independence by paying long-term care bills out of your pocket? For a manageable premium today, a Travelers Long-Term Care insurance policy can cover many of your expenses tomorrow. Here’s what it delivers:

• Coverage for care in a wide range of settings, including your own home, assisted living facilities, Alzheimer’s centers, adult day care centers and nursing homes.

• Ability to tailor nursing home and home care coverage to meet your budget and care needs.

• Payment for the services of an independent health care professional you select to help you assess your care needs.

• Choice of optional inflation benefits.

• Competitive premium rates and a spouse discount.

• Guaranteed renewability for life.