LTC insurance helps protect the wealth you’ve earned
Because long term care (LTC) is a reality many families must face today, it’s important to consider LTC insurance when creating a financial plan. LTC is necessary when loved ones can no longer care for themselves and requires help with such daily tasks as eating, dressing, bathing and moving around the house. Long term care may also include physical therapy provided daily or periodically, as well as occupational, speech or respiratory therapy. While LTC can be expensive – recent studies* show a private room at a nursing home may cost more than $85,775 per year** – LTC insurance can help pay for those costs and protect the wealth and assets you have accumulated to secure your family’s future. LTC insurance also provides the confidence of knowing that should you require long term care, you’ll have the means and independence to choose where and when to receive care.
For leading LTC insurance products that can be customized to meet your needs, many families today turn to John Hancock.
John Hancock provides a wide variety of LTC insurance plans
John Hancock has been providing insurance products and financial services to families since 1862. For the past 20 years, John Hancock has been a leader among long term care insurance providers as well. John Hancock offers a variety of LTC insurance, with optional features to help you design an LTC policy to best meet your needs and keep pace with the rising cost of long term care. LTC insurance with John Hancock enables you to feel confident about your investments and help protect your retirement savings. And with LTC insurance, you’ll also know that you are reducing the emotional and financial burden that would otherwise fall on your family members should you require long term care.
How much insurance coverage will you need for your LTC plans?
Several factors impact the amount of LTC insurance coverage you will need.
- Location the cost of LTC care is higher in some areas than in others. Knowing where you want to retire or where you want to live later in life can help you decide how much insurance to buy.
- Age & Health
- Duration the average length of LTC is three years, but depending on your personal and family health history, you may want to adjust your expectations of length of care.
* 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.
** Based on John Hancock's Cost of Care Survey, conducted by LifePlans, Inc., 2011.