Nobody wants to think about the possibility of needing long-term care. But if, somewhere down the line, you and/or your spouse do need assistance, will you have the funds available to pay for care? How much will an extended stay in a nursing facility or care received in your own home cost? Will you be able to meet this cost and still pay your and/or your spouse’s personal living expenses? Will there be enough left over to provide an inheritance for your loved ones or your favorite charity? Does it make sense to self-insure when private long-term-care coverage may be available? This calculator will assist you in answering these questions.
A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the long-term-care insurance policy. It should be noted that carriers have the discretion to raise their rates and remove their products from the marketplace.
Based on your assumptions, the results show the potential cost of care for one year, three years, five years, and 10 years of care.
Long-term care costs can be financially devastating, especially if care is needed for an extended time. And remember, these results estimate the potential costs for one person. What if both you and your spouse needed care simultaneously?
This table assumes that long-term-care inflation continues at the same rate entered above.
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
This material was written and prepared by Broadridge Advisor Solutions. © 2024 Broadridge Financial Solutions, Inc.
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