As you plan for your future during retirement, it’s essential to consider how you’ll protect yourself from the potential costs and challenges of long-term care. There are several options available to help ensure you receive the care you need, while also offering financial protection.
Long-Term Care Insurance: A Common Option
One popular choice for those in or approaching retirement is long-term care insurance. This type of insurance is designed to provide financial support if you need extended care, covering services like assisted living, home health care, or nursing home care. The investment you make in long-term care insurance can offer peace of mind, knowing that you’re protected from the potentially high costs of care.
However, it’s important to note that long-term care insurance policies often come with limitations. Coverage may vary depending on the plan, with restrictions on what types of care are covered or where care can be received. For example, some plans may only cover skilled nursing facilities, while others may also cover home health care services.
Another challenge with long-term care insurance is the waiting period, known as the elimination period. During this time, you’ll need to cover the costs of care out-of-pocket before the policy begins reimbursing you. Additionally, to qualify for coverage, policyholders would typically need to experience a deficiency in at least two activities of daily living or have significant cognitive impairment.
An Alternative: Sun Health At Home
If you’re looking for a more personalized approach to protecting against future healthcare costs, consider Sun Health At Home, Arizona’s first and only Continuing Care at Home program. Sun Health At Home offers a comprehensive, proactive approach to your long-term well-being, with a focus on wellness, care coordination, as well as robust financial protection.
A membership with Sun Health At Home includes personalized wellness plans, advocacy, and access to care coordination services to help you navigate both short-term and long-term care needs. Unlike long term car insurance, there is no elimination period, and members only require one ADL to activate coverage – making Sun Health at Home an excellent alternative to traditional long term care insurance.
Additionally, many members find that Sun Health At Home can complement their existing long-term care insurance by covering any gaps or limitations in their policies, making it a great option for enhanced care and peace of mind.
Rising Costs of Care: Planning Ahead
As the cost of care continues to rise, it’s crucial to plan ahead. According to Genworth, the average cost of care in the U.S. is as follows:
- Home Health Aide: $75,504 per year
- Assisted Living: $64,200 per year
- Nursing Home, Private Room: $116,800 per year
These costs can significantly impact your financial well-being, making it even more important to explore the best options for both care and financial protection.
Make an Informed Decision
With the rising cost of care, it’s essential to weigh all your options to ensure you’re making the best decision for your health and financial future. Consult with your financial planner or a trusted advisor to develop a plan that works best for your unique situation.
Becoming a Member
If you’re interested in learning more about Sun Health At Home and how it can complement your long-term care needs, we invite you to attend one of our upcoming Discovery Seminars.
Visit DiscoverSHAH.org to find out more about membership and to register for a seminar.
Secure your future and take control of your long-term care today!
