Long Term Care

A new life chapter requires a new strategy. Make sure you and your loved ones are on the same page.

Secure your financial legacy.

BKS Partners’ team of industry experts is here to help map out the landscape of your long-term care.

Don’t let the cost of long-term care burden you or your loved ones. The need for extended care can quickly drain assets meant for retirement, inheritance, and other goals. The average annual cost of nursing home care is now over $83,000 for a private room. For an average claim of three years, the cost may total over $200,000.

A growing number of people are now including long-term care in their overall financial plan to mitigate the expense of getting the care they need in the event they need it while simultaneously preserving hard-earned savings. Long-term care insurance provides peace of mind knowing that you will receive the care you need when are where you need it—whether it be at home, or an assisted care or skilled nursing facility.

Do you qualify for long term care?

A licensed health care practitioner must certify that the insured is either:

  • Cognitively impaired (including Alzheimer’s and dementia).
  • Unable to perform two or more Activities of Daily Living (ADLs) for at least 90 days, including bathing, dressing, eating, etc.

Content in bubbles:

  • 7 out of 10 Americans who live to be 65 years or older will need long-term care at some point in their life, yet only 8% have long-term care insurance.
  • Long-term care keeps you at home for as long as possible, with home health care accounting for 51% of claims.
  • There has been a 3.63% increase in median annual nursing home costs since 2011.
  • The average cost of a three-to-four-year claim is $200,000—nearly the same cost of a home in 2013.
  • 47% of Americans think that Medicare helps pay for long-term care—Medicare only covers up to 100 days of skilled nursing care.

Ensure your protection is as distinctive as you are.

Get in contact with an advisor today to see how BKS can support you.