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Long-Term Care

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  • Benefit Consulting Group (BCG) is a full-service investment advisory firm offering you highly customized and sophisticated financial advice, investment solutions and brokerage services to help you meet your financial goals and objectives.

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  • Not Familiar With Long-Term Care Insurance?
    That’s not surprising. The first long-term care insurance policies were written in the 1980s but have just recently become more popular as the population ages. In fact, it is precisely because people are living longer that long-term care insurance was created. Today, long-term care insurance is fast becoming an important financial planning and risk management tool for people to protect the assets they’ve worked so hard to build.

    As the population ages—the number of people in the U.S. over the age of 65 is expected to double by 2050 and the number of 80-plus people in the U.S. is now the fastest-growing segment of the population. Just a few decades ago, people over 80 were rare.

    As Americans stay fit and live longer—there’s talk of people regularly living past 100—and working families find it harder to care for aging parents, the need for and cost of long-term care is sure to increase. It only makes sense to shed this expense to insurance companies.

    Long-Term Care Insurance Provides Peace of Mind
    Long-term care (LTC) insurance is a cost-effective way to help protect your assets – and your family – against the high cost of caring for you when you are no longer able to do so due to age, injury or illnesses such as Alzheimer’s or stroke. Long-term care insurance can provide you or a loved one with the control and security of knowing that daily living needs will be met including bathing, eating, dressing and getting around to appointments and activities. Long-term insurance helps cover the cost of long-term care services and provides the independence to choose where you receive care.

    You’ll want to consider long-term care insurance if you want to:
    • Feel confident about your hard-earned investments and help protect your retirement savings and assets.
    • Be proactive and responsible for reducing the burden of care that often falls on family members.
    • Take control of your long-term care decisions and maintain the independence to choose where you receive care.
    A long-term care insurance policy provides for different types of care in a variety of settings:
    • Skilled care includes nursing care and physical, occupational, respiratory, and speech therapy from licensed professionals that may or may not be received on a daily basis.
    • Custodial care is the most widely used type of care, and includes help with day-to-day activities such as eating, bathing, dressing and moving around.
    Why Consider Long-Term Care Insurance?
    The cost of staying at a nursing home or assisted living facility is very expensive and costs are increasing rapidly. Long-term care insurance protects you from the full financial burden that could threaten your net worth. In 2008, the national average cost of long-term care for one year in various settings:

    Long-Term Care SettingCost
    Nursing Home: Private Room...... $74,460 Annually
    Nursing Home: Semi-Private Room...... $66,795 Annually
    Assisted Living Facility...... $35,544 Annually
    Home Health Care Aide...... $19 Hourly
    Adult Day Care...... $62 Daily

    Who should consider Long-Term Care insurance?
    Many financial planners, including the financial planning specialists at BCG recommend long-term care insurance as an efficient way to protect assets from the potential of being wiped out due to illness, injury or inability to take care of one’s self. The most important consideration when deciding if long-term care insurance is right for you is whether your assets are significant enough to warrant the cost of the insurance. A BCG insurance specialist can assist you with the calculations and advise you of the best options for your unique circumstances.

    Another significant consideration is the health condition of the individual to be insured. Although you might not want to consider long-term care insurance for yourself when you are young and healthy, waiting until you are in your 60s and prone to illness is a poor strategy. Again, a BCG insurance specialist can help you identify the optimum time to purchase long-term care insurance. Long-term care insurance is not only for people of age, any person can become impaired at any time to the point of needing long-term care.
    This is a general description of the available coverages and is not a statement of contract. All coverages are subject to policy provisions and applicable endorsements. Life insurance products are available through our affiliate company, Benefits Consulting Group.

    Securities offered through Cadaret Grant & Co., Inc. Member FINRA/SIPC.
    Oneida Savings, BCG, BHL, WHS, and Cadaret Grant are separate entities.
    Not FDIC insured. No bank guarantee. May lose value.

    Due to various state regulations and registration requirements concerning the dissemination of information regarding investment products and services, the information at this site is intended for individuals residing in states where we are currently registered. We are registered to sell securities in the following states: NY, NJ, FL, GA, MA, VA, OH, PA, CT.


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