Tailored to Your Needs
Long-term care is a crucial consideration for individuals and families alike. It involves the assistance needed over an extended period to manage chronic conditions or to compensate for limited functional abilities. At The Jones Group, we understand the significance of planning for long-term care and offer comprehensive insurance services tailored to your unique needs.
Why Long-Term Care Matters
The need for long-term care can affect anyone, and the risks are substantial. Consider these statistics:
- High Risk: Almost 1 in 4 middle-aged adults between 45 and 64 years old faced limitations in activities due to chronic conditions in 1994.
- Widespread Need: A 2005 study revealed that a staggering 69% of individuals reaching the age of 65 will require some form of long-term care during their lifetime.
Additionally, the cost of long-term care in Connecticut is steep and continually rising. As of today, the statewide average cost for a semi-private room in a nursing facility exceeds $151,000 per year, with an annual increase of approximately 5.1% since 1988. The last five years have seen an average cost inflation rate of 2.4%. With the average duration of stay in a nursing facility standing at 2 ½ years, the total cost of an average stay surpasses $375,000.
Understanding Medicare and Medicaid
It’s essential to recognize that Medicare provides only limited coverage for nursing facility expenses. Medicaid, on the other hand, often necessitates individuals to deplete nearly all their assets before qualifying for assistance. The rules governing asset transfers for Medicaid eligibility are strict and continually tightening. Consequently, approximately one in three individuals entering Connecticut nursing facilities as private payers eventually spend down their assets to qualify for Medicaid.
Taking Control of Your Long-Term Care Risk
While the risk of needing long-term care is real and the financial implications significant, there are ways to manage this risk. The Jones Group specializes in crafting personalized risk management solutions to protect your future and assets.
We encourage you to contact us today for a thorough analysis of your unique circumstances.
Our experienced team will work closely with you to design a long-term care insurance plan that ensures you’re prepared for any eventuality. With our guidance, you can take control of your long-term care needs and secure peace of mind for yourself and your loved ones.
Don’t wait until it’s too late, let us help you safeguard your future.
Why Choose The Jones Group
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Don’t leave your Medicare coverage to chance. Contact Jones Group Insurance today to schedule a consultation. We’ll work closely with you to ensure you have the right Medicare insurance that gives you peace of mind about your healthcare coverage.
Get started on the path to a worry-free healthcare future with us today.