Feb 22, 2021

Are You Prepared for the Costs of Long-Term Care?

Irene WaltonBy Irene M. Walton
Gallagher Affinity is a premier sponsor of the PICPA

Long-term care services can cost upward of $100,000 per year. This is a remarkable cost that often goes overlooked, leading to undue financial stress. PICPA members have access to planning and educational tools that can help them make informed decisions for their future.

It’s never too early to start planning for your long-term care. According to the Administration on Aging,  at least 70% of people over 65 will need long-term care services at some point. This can be a lengthy and costly expense, ranging on average from 3.7 years for women and 2.2 years for men with a cost of $50,000 to $100,000 dollars per year.

Happy Senior with FootballSo what does this mean for healthy working adults? It is time to consider the options you have to finance and prepare for long-term care needs. Long-term care insurance can help provide individuals with access to care in the comfort of their own homes. Many resort to reverse mortgages and loan options for care, but long-term care insurance will protect your home, savings, and assets by covering the associated costs. Through planning, you can avoid nursing home facilities by choosing where and by whom you receive care.

Still wondering how long-term care insurance can help you? Fortunately, as a member of the PICPA you have access to long-term care solutions. LTC Global, one of the nation's premier experts in long-term care planning, has partnered with the PICPA to deliver members access to the education they need to make informed decisions. LTC Global has developed a comprehensive educational program to provide you with all the information you need to determine which type long-term care solution is appropriate for you.

Get peace of mind knowing you're covered today. For more information, visit the Gallagher Affinity website.

Irene M. Walton is Greater Philadelphia area vice president for Gallagher Affinity. She can be reached at irene_walton@ajg.com.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
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