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Understanding the Changing Landscape of Long-Term Care Options

It often seems like the COVID-19 pandemic has impacted virtually every aspect of our lives and finances, and long-term care insurance (LTCI) is no exception. As nursing homes became the epicenter of COVID infections, more people began searching for ways to remain in their homes as they age, and they realized that long-term care insurance may help them do that.

The Benefits of Having Long-Term Care Insurance

An estimated 47% of men and 58% of women over age 65 will require some type of long-term care support in their lifetime.1 In 2020, the monthly median cost of having an in-home health aide was $4,576, which equates to $54,912 per year, a significant expense for many retirees.2

Fortunately, long-term care insurance can help cover the cost of extended care should an individual have an ongoing medical issue. Services often include assistance with daily living tasks such as dressing, bathing, eating and administering medication