The costs of long-term care
Meet Jane. She is planning for her retirement.
She is wondering what would happen if she were to require long-term care at home later in her life.
For example, imagine Jane at age 83.
She is healthy, but needs help at home because of her memory – recently, her youngest daughter Mary came to visit and found that the stove had been left on.
For example, imagine Jane at age 83.
She is healthy, but needs help at home because of her memory – recently, her youngest daughter Mary came to visit and found that the stove had been left on.
Of Jane’s three children, only Mary still lives close to home.
Mary wants to help, but she is a small business owner and cannot stay with her mother all day.
Mary wants to help, but she is a small business owner and cannot stay with her mother all day.
Mary does some research and finds out that home care in her area costs $4,000 a month. How will she and her brothers pay for this out of pocket?
What will happen if Jane needs to go to a nursing home that costs $100,000 a year?
With long-term care insurance
Mary knows that her mother has been paying her long-term care insurance premiums since she bought her policy 15 years ago.
Jane’s policy has a $200 daily benefit with a three year benefit period — more than enough to cover part-time in-home care for the next few years.
Jane’s long-term care insurance policy makes her in-home care affordable, allows Marry to keep running her small business, and gives the rest of the family time to plan for Jane’s future care if her condition worsens.
Without long-term care insurance
Because the family had not planned for long-term care expenses, Mary has to abandon her business to take care of her mother.
The family sells Jane’s home in order to afford the cost of additional care. Once that money runs out, the family has to spend the remainder of Jane’s savings in order to qualify for Medicaid.
Mary is angry with her brothers for not moving home to help out, and the whole family is saddened by their inability to provide their mother with the care she deserves.
Secured with Bolster
After considering her situation and finances, Jane realizes that both she and her children would benefit from coverage. Obtaining her policy through Bolster is quick and allows her to pursue an option that fits her budget.