Currently, 14 million Americans pay for long-term care services. That number is expected to grow to 27 million in the next 30 years due to advancements in medicine that prolong and sustain life. The average recipient of long-term care services pays a total of $250,000 during the most vulnerable years of their life.
Long-term care refers to the care you need when you can no longer perform routine activities that most people don’t give a second thought: things like bathing, dressing, eating, or getting out of bed. This is the kind of care given to people who suffer from illness, injury, or old age.
These services are often expensive and put a financial burden on the individual and their friends and family. However, there are coverage options available to you should you need long-term support services.
The Cost of Long-Term Care
The average recipient of long-term care services spends over $250,000 dollars in their lifetime on long-term care.
There are many factors that contribute to the cost of long-term care, but the biggest factor is where you receive your care. Other factors include your age, the level of care required, and the medicine/technology that is used for treatment. On average in-home care costs $64,064 in California whereas a nursing home costs $127,000.
These prices are expected to raise dramatically over the next 30 years, meaning it is more important to start planning today than ever before.
The Benefits of our Group Plan with Unum
By signing up for a policy with Unum you’re able to utilize our group plan which saves you 40% compared to an individual plan. Additionally, our plan is 100% portable and will follow you between jobs and when you retire.
For more information about LTC click here.
Additionally, we offer a calculator through Unum allowing you to generate a claim. You can also book a meeting with our LTC specialist in order to get your specific questions answered. For more information check out the video linked below.