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Is Long Term Care Insurance In NJ Worth The Investment?

Saving and planning so that you have the funds you need to enjoy your retirement is vital, but what happens in the event that you need long term care? Many older adults do require long term care. People are living longer lives, and more of them move into long term care at some point in their lifetimes. Long term care insurance for NJ retirees is one way to protect your assets and ensure quality of life.

Long term care helps adults who are unable to perform the regular daily activities of their lives, or who need assistance doing so. That means getting professional help with tasks like eating, dressing, and bathing. While it is a necessity for many, it is not something that comes cheaply. Long term care insurance in NJ covers some or all of the costs of this care, allowing insureds to maintain their assets for other purposes.

The Numbers Behind Long Term Care

While few people want to think about the realities of assisted living and care requirements, the fact is that long term care is a growing reality for many people. According to the US Department of Health and Human Services, most Americans turning age 65 will need long term care services at some point in their lives. The older people become, the more likely this is, as disabilities, chronic illnesses and conditions, lifestyle, and family situations contribute to the need for care.

When the time comes for care, the cost can be a shock. Genworth’s Cost of Care Survey 2019 sets the national annual median cost at over $51,000 for in-home care. In an assisted living facility, the national annual median cost is $48,612. And in a nursing home facility, a private room has a national annual median cost of $102,200. If you think that health and disability insurance will cover long term care, think again. The Department of Health and Human Services warns that health insurance usually only covers limited, specific types of long term care. Disability policies do not cover it at all.

Knowing a) the immense costs of long term care, b) the likelihood that older adults will need this kind of care, and c) that regular medical insurance does not cover it, the standout solution is long term care insurance in NJ.

Who Benefits from Long Term Care Insurance in NJ?

As the numbers show, almost every aging adult is likely to need long term care during at least some portion of their lives. With that in mind, everyone can benefit from long term care insurance in NJ. There are a few scenarios where the advantages of securing this insurance are even clearer.

If your family history indicates future concerns that would call for long term care, buying insurance at a younger age is a wise way to ensure that you will get the care you need when the time comes. For those who do not anticipate family support in the future, for whatever reason, long term care insurance can act as a critical safety net. And, for individuals with significant assets or income, wanting to leave an inheritance or financial legacy to heirs without dipping into those assets to pay for long term care, insurance plays a key role.

Whatever your situation, it is important to know that the longer you wait to buy a policy, the more likely you could be denied coverage due to age or health. The American Association for Long Term Care Insurance says the best age to apply is in one’s mid-50s.

Securing Long Term Care Insurance

A wealth management firm is a valuable partner in planning for long term care insurance in NJ. Long term care insurance is part of overall advanced care planning considerations, asset protection, and estate planning as you age. A wealth manager knows what resources and assets you have, how you want them to be used (now and in the future), and what you would like to leave as your legacy. These financial experts know how to protect what you have now and maximize your ability to continue enjoying life as you age.

Brix Partners is skilled in designing custom asset protection strategies for clients, based on careful collaboration to meet desired objectives. We are pleased to offer our guidance to anyone considering long term care insurance in NJ, and for any other asset protection and estate planning needs. Use our contact form to connect with us, or call us at 212-578-2048. If you would prefer to get in touch with us via email, please do so by sending us a message using

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