One of the greatest threats facing American baby boomers during retirement is the cost of paying for long-term care.  People are living longer, and many people haven't had to experience the added pressures on their lives both financially and emotionally caused by the cost of paying for a family member receiving long-term care.  According to the Centers for Medicare & Medicaid Services, at least 70% of people over 65 will need long-term care services and support at some point.

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As we age, long-term illness or a chronic condition, may cause us or a family member to need extra care at home, in an assisted living facility or even care in a nursing home. To get help with these tremendous costs, a long-term care insurance policy may be the answer.  This type of insurance can help maintain financial freedom and give flexibility in making choices about the services we receive, where we receive them, and who provides the care we need.

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Medicare or major medical insurance may cover some home care and nursing home expenses, but only if services are for skilled care and not for an extended period of time.  Major medical insurance, Medicare supplements or Medicare won't pay for chronic long-term care expenses, and none of these will pay expenses for care in assisted-living facilities. The government shouldn’t be counted on to pay for the cost of long-term care unless eligible for Medicaid. Sadly, without proper planning, many people end up paying out of pocket until they have depleted their nest egg.

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With long term care insurance, you can maintain your dignity and financial security. The most important issue we have heard from our clients is the "relief that they won't be a financial or emotional burden on their family."

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Choosing a quality company that offers policies with good benefits is very important.  These choices can be complicated and even overwhelming. At PFG, we can help you choose the right company with benefit options that fit your particular situation.