Protect your financial future with long term care coverage
Many families today are realizing the benefits of long term care coverage. When an injury or disease prevents a loved one from managing such daily tasks as eating, bathing, dressing and moving around the house, long term care (LTC) may be required. Long term care options include care received on a daily or non-daily basis, in the home, the community or in an assisted living or nursing facility. While the cost of long term care can exceed $74,000 per year*, long term care coverage helps to pay for this assistance while helping to protect assets and retirement savings. With long term care coverage you can be confident that you’ll be able to protect your assets and wealth from the high cost of care. For innovative long term care coverage options, consider the offerings from John Hancock.
John Hancock – leading products for long term care coverage
As the one the leading providers of insurance products, John Hancock offers a variety long term care coverage that can be customized to best meet your needs. John Hancock’s coverage provides options for all levels of care, including custodial care that provides help with day-to-day activities to skilled care that includes nursing care and physical, respiratory, occupational and speech therapy. In addition to a range of coverage options for long term care, John Hancock offers optional features that allow you to tailor your long term care insurance policy to your needs and help protect against the rising cost of health care.
How much coverage will you need for long term care?
The amount of coverage you may require for long term care depends on several factors:
- Assets you want to protect. Long term care planning should be part of your overall retirement plan.
- Cost of care where you plan to live. The cost of care differs from region to region. Knowing where you want to live in your later years – whether in warmer climates or closer to relatives – can help predict the level of coverage you may need in the long term.
- Length of coverage. A recent student suggests that three years is the average length of time that long term care is required, but you may want to adjust your coverage based on personal and family health history.
- Cost of inflation. It’s essential to plan to adjust your coverage for the cost of inflation.
* Based on the average annual rate of inflation over the past 30 years ending December 31, 2008 of 4.1%, using the Consumer Price Index for All Urban Consumers, Bureau of Labor Statistics, www.bls.gov.