Help protect the quality of life for you and the people you love.
It is very possible that you, your spouse or your parent may someday need assistance with the basics of living. The phrase long term care is used to describe assistance with daily activities including getting dressed, bathing, eating, moving from place to place, and using the bathroom. It also refers to a situation where someone has a Severe Cognitive Impairment. Long term care can take place at home, in an assisted living facility, in a nursing home, or in the community through special programs.
Good planning is critical in protecting your independence, your assets and your choices. Unfortunately, long term care can be expensive.
The average private pay cost of a nursing home stay in 2012 was about $88,000 per year and exceeded $100,000 in 10 states. The base rate for assisted living facilities averaged $41,000 per year in 2012, and
adult day services averaged $66 per day. During the same period, hourly home care agency rates averaged $20 for a licensed non-Medicare certified home health aide.*
Because of the high costs, most of which tend to increase each year, good planning is critical in protecting your independence, your assets and your choices.
Making a decision about long term care insurance is a wise step to make. Of course, most of us do not like to think about aging or the possibility of either ourselves, our spouse, or our parent needing long term care. But having long term care insurance effectively removes the worry about many of the financial and emotional issues surrounding this very common life situation. Perhaps you will never need care. Perhaps you will. With long term care insurance, you know that, whatever life may bring, you are prepared.
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Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS), 7 Hanover Square, New York, NY . Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor. PAS is an indirect, wholly owned subsidiary of Guardian. Financial Representatives, The Guardian Life Insurance Company of America (Guardian), New York, NY. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. Devon Financial Partners, LLC is not an independent registered investment advisor. The financial representatives of Devon Financial Partners, LLC are not licensed to sell insurance in all 50 states. To find out if an agent is licensed in your state, please contact Colleen Marzella at 610-293-8320. California Insurance License No. OC64350.
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* Genworth Financial, Inc., “Genworth 2012 Cost of Care Survey”
(Richmond, VA: Genworth Financial, Inc., April 2012).