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Read MoreAt South State Investment Services, our Financial Consultants can develop and help implement insurance strategies for families and business owners looking to meet a variety of complex financial goals including:
Long term care is a real concern for many of our clients. According to the U.S. Department of Health and Human Services, about 70% of people aged 65 or older will enter a nursing home for some period of time during their lifetimes.1 Due to this statistic, it is wise to consider how you might pay for long-term care and whether long-term care insurance is a good idea for you.
Cost of Care
Perhaps the first consideration is determining the potential cost of long-term care. Below is a summary of current costs according to the Genworth Cost of Care Survey.
Median costs in the United States:
With health care costs rising every year, these expenses can be expected to grow substantially over time. Furthermore, neither Medicare nor Medicare supplemental coverage, also known as Medigap insurance, typically cover long-term care. Medicaid will cover a large share of such services but only if you meet stringent financial and functional criteria. What’s more, most employer-sponsored or private health insurance plans follow the same general rules as Medicare. Therefore, most people who need long-term care must pay for some or all of it on their own.
Deciding whether to purchase long-term care insurance will depend on your personal situation. You may want to consider your family health history, your level of assets to potentially pay for long-term care, and your feelings about relying on family members for support. Probing these and other individual circumstance can help you make a well-informed decision.
1. Source: Genworth, 2014 Cost of Care Survey, 2014.
2.Source: AARP.org, 2013 (latest available).
*Please consult your tax-advisor for tax related issues.
**Products and services offered through LPL Financial.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. South State Bank and South State Investment Services are not registered broker/dealers and are not affiliated with LPL Financial. Advisory Services offered through LPL Financial, a Registered Investment Advisor.
| Not FDIC Insured | Not Bank Guaranteed | May Lose Value |
| Not a Bank Deposit | Not Insured by any Federal Government Agency | |
The services offered within this investment site are available exclusively through our U.S. registered representatives and are available for U.S. residents only. LPL Financial U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.
