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A "Babyboomer" turns 50 every 11 seconds! Of Americans over 65, 60% are expected to need some long-term care in their lifetime. Nearly 40% of people currently receiving long-term care services are adults between the ages of 18 and 64. Medicaid covers less than half of all long-term care costs, and families must be impoverished to be eligible. Changes in demographics and federal policy have shifted the burden of long-term costs from the government to individuals and their families. Long-term care is one of the health insurance plans today. LTC insurance helps to preserve assets by providing resources to help defray the cost of care during a severe illness or accident, natural conditions related to aging, or deterioration of mental capacity. Long-term care can include home care, adult day care, assisted-living facilities, skilled nursing home care, and residential and in-home hospice services. The average annual cost today of nursing home care is $55,000. Consider the effects of 5% inflation, compounded annually, and in 20 years this cost will be $139,000. The advantages of corporate sponsorship are: any premiums contributed are tax deductible for corporations, benefits received are tax free, guaranteed issue, large case discounts, and spousal coverage is available. Employers can contribute towards the program or not, and employees have buy-up options. Individual plans are also available and, the younger one applies, the cheaper the rate. Let me know if you'd like to investigate some options...

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