WOW… that is the average annual cost in 2019 to receive services in a semi-private room in an Indiana skilled nursing facility, according to the Indiana FSSA.
Let me give you a few other startling facts.
So, as long as everyone has a couple hundred thousand dollars hanging around, they should be okay. But, what if there is a spouse at home? Will he/she have enough cash to stay in the world that they have become accustomed to? Let's talk.
I just attended a meeting where an elder law attorney was speaking about long term care costs and also Medicaid. He acknowledged that there are far more people with too few assets to cover these costs. That is when Medicaid comes in... after you are impoverished. He then spoke of the declining number of insurers in the long term care arena. And, he spoke highly of the new asset based products and life and annuity products with accelerated benefits.
As I sat there listening, I still am perplexed as to why more Americans are not taking advantage of these new products. We all know that a long term care type of emergency can devastate one's retirement plan. We all work hard to develop a steady income in retirement that is safe and stable But, most have not considered that they might have to change their addresses to the $78,324 per year semi private room.
If you have a long term care policy... congrats. If you don't you will probably never purchase one. If you have the new breed of asset based long term care/chronic illness products, I salute you. If you have an additional $200,000 - $400,000 of cash hanging around to pay for the room, I salute you.
But, if you feel a little vulnerable and would like some information about these products and strategies? Let us know, and we will put you in contact with a member of The Safe Money Places Agent Network that is licensed in your state.
This article was written by Raymond J. Ohlson CLU, CRC, CEO & President of Safe Money Places International, LLC
Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University. He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member. He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.
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