Strengthen your financial health with long-term care insurance.
Long-term care insurance offers a method to help pay for extended at-home, assisted living or nursing home care expenses.
As we age, many of us may need long-term care, which is covered by Medicare insurance only in the short term and under very strict conditions. In fact, almost 70% of people turning 65 will need long-term care at some point in their lives.
However, with the ever-increasing cost of nursing home and in-home care, the expense for such care could be out of reach for many Americans. Long-term care insurance can be a solution to help manage these expenses.
Assumes a 4% annual increase, which is the five-year annual inflation rate for nursing homes. This is a hypothetical illustration only.
Regardless of what level of care you may need, long-term care insurance can be a solution to help manage these expenses.
What should you consider before you purchase long-term care insurance?
Daily benefit - Amount of money you will receive from the insurance company on a daily basis for your care.
Benefit period - Length of time you will receive payments from the insurance company once you need care.
Elimination period - Number of days that you will be responsible for paying for your care before the insurance begins to pay.
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Long term care is offered through insurance companies with which Waddell & Reed, Inc., has sales arrangements.
This information is provided for informational and educational purposes only and may include references to concepts that have legal, accounting and tax implications. It is not to be construed as legal, accounting or tax advice, and is provided as general information to assist in understanding the issues discussed. Waddell & Reed does not provide tax advice. Waddell & Reed believes the information has been obtained from sources considered to be reliable, but does not guarantee the accuracy of the information provided.