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Who Cares About Long-term Care?

Major medical problems such as cancer, stroke, heart problems and lung disease are relatively common in the years leading up to retirement. Their financial impact can destroy the most carefully crafted retirement savings strategy. Estimates of out-of-pocket medical expenses for an average 65-year old couple retiring in 2013 will be $220,000 - even more if chronic care is needed.1 And it's estimated that 7 in 10 people age 65 and older will need chronic care during their lives.2

For many conditions, once chronic care is needed, it is usually needed for the remainder of life.3 These include diseases like Alzheimer's, Multiple Sclerosis and Parkinson's, in addition to serious stroke, frailty, crippling arthritis, and hip fractures. If you're concerned about your potential medical expenses in retirement, call us to discuss the many long-term care insurance options available.

1. Press Release May 15, 2013, Fidelity. The estimate assumes total life expectancies of 82 years for men and 85 years for women. 2. U.S. Department of Health and Human Services: National Clearinghouse for Long Term Care Information, 2013. 3. www.longtermcare.gov, The Basics: How Much Care Will You Need?