Long term care cost can impact financial assets
Many families today must deal with the cost of long term care. When a loved one can no longer care for themselves, long term care provides assistance with day-to-day activities like eating, bathing and dressing as well as physical, occupational, speech or respiratory therapy. While this kind of care may be necessary, long term care cost can be high – more than $85,775* per year for a private room in a nursing home. To keep long term care cost from impacting retirement savings or compromising a family’s financial future, many today are seeking long term care insurance from John Hancock.
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John Hancock - helping families cover long term care cost
John Hancock is one of the country’s leading providers of insurance products to help manage long term care cost. Long term care health insurance from John Hancock enables you to minimize the long term care cost and the emotional anxiety that can surround decisions concerning long term care. Long term care insurance plans can cover a variety of types of care provided in settings from the home to the community to assisted living or nursing facilities. With a variety of long term care plans and optional features that allow you to customize your plan, John Hancock enables you to design an affordable long term care insurance plan that meets both your budget and your needs.
The best time to buy insurance to cover the cost of long term care
To better control long term care cost, it’s important to address you long term care planning sooner rather than later. The cost of long term care insurance premiums is based on your age and health at the time of application – the younger and healthier you are, the more affordable your long term care rate will be. Additionally, should an accident or a disease cause you to require long term care at a relatively young age, having insurance would help ensure that you would be able to afford the long term care cost. By purchasing insurance in your 40s or 50s to help cover the cost of long term care, you can help reduce the uncertainty of later years and keep control over decisions concerning your care, your assets and your family’s future.
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* Based on John Hancock's Cost of Care Survey, conducted by LifePlans, Inc., 2011.
