LONG TERM CARE IN OCALA, FLORIDA

Are you prepared for long-term care expenses? At least 70% of people over the age of 65 will require some form of long term care services and support during their lives. While most people think of long-term care as impacting only those in senior years, 40 percent of people currently receiving long term care services are ages 18 to 64.** Failure to plan ahead may put your retirement lifestyle at risk. The average annual cost for long-term care in a nursing home in Florida is projected to be $110,167 for a semiprivate room and $122,558 for a private room**.

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Long-term care is not simply one service. It has many different benefits designed to help an individual who cannot care for themselves as a result of an illness, an injury, or general diminishing of functions. This is different from traditional medical care which is designed to correct certain medical problems. Long-term care services may include helping with activities of daily living such as dressing, bathing, eating, toileting & mobility.

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A new type of long-term care coverage is a hybrid policy. It combines the benefits of a life insurance policy, an annuity and long-term care benefits. A person can buy a hybrid policy by making a one time lump sum payment or by paying over a number of years. The premiums are “non-cancellable” which means they are guaranteed and can NEVER be increased. Unlike the older long-term care policies, the hybrid policies could return money to your heirs even if you end up needing some type of long-term care. If you have health issues or are older, you might be more likely to qualify for a hybrid policy compared to an older or “traditional” long-term care policy.

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 ** Genworth 2022 Cost of Care Survey