November is Long Term Care Awareness Month
Posted by Charles Murphy on Mon, Oct 31, 2011 @ 10:51 AM
November has been declared Long Term Care Awareness Month by the American Association of Long Term Care Insurance.
Long Term Care Awareness Month reminds us of the importance of this planning. While most people do not like to think of this aspect of retirement planning, it is just as important as drafting a will or saving for retirement.
Long Term Care insurance typically covers the costs for in-home care, assisted living and nursing home care. According to the U.S. Department of Health and Human Services, at least 70% of all Americans over the age of 65 will need care at some point (www.longtermcare.gov 10/2008). Because of that likelihood and the fact that in 2010 the average annual cost of care in a nursing home in Massachusetts was over $100,000.
If you would like to review more information regarding Long Term Care, please check out our blog that was posted on July 22, 2011, “What is Your Plan for Long Term Care?”
Enjoy autumn in New England!