The average live expectancy in the United States has increased, but do you know how that impacts your future retirement?
According to a recent report by the U.S. Centers for Disease Control and Prevention, Americans are living longer and fewer are dying from major diseases now compared to 40 years ago.
Take this quiz:
1. A male age 55 is expected to live to: A) 73 or B) 83
2. A woman age 55 is expected to live to: A) 79 or B) 86?
3. If a 55-year-old requires long-term care at age 85 just two years of care would cost about: A) $480,000 or B) $245,650?
4. Non-skilled assistance with Activities of Daily Living (ADL), which make up the majority of long-term care services, are paid for only by: A: Health Insurance; B: GI Bill; C: Medicare; D: Long-Term Care Insurance
5. Which one of your adult children would be responsible for being your caregiver?
The answers to the above questions may surprise you. A male age 55 is expected to live to age 83, and a woman age 55 is expected to live to 86. Two years of long term care would cost about $480,00, and non-skilled assistance with ADL is paid for only by Long-Term Care Insurance.
Only you can answer the final question.
“The cost and impact of long-term care on your future retirement should be considered in your planning,” said Matt McCann a nationally known speaker on long-term care issues and an expert on Long-Term Care Insurance planning.
“Long-Term Care Insurance is Easy and Affordable asset protection. It also reduces the burdens placed on your family,” McCann said.
McCann assists people nationwide using his unique process where they speak with him on the phone while viewing his computer screen on their computer. He works with all the major companies in Long-Term Care.
McCann recommends several reference websites for research:
LTC News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: www.longtermcare.gov
McCann’s website also features several outstanding resources.
Source: The Daily Chronicle