Long Term Care
Cornerstone can help protect your assets and lifestyle.
Long term care insurance lets you pay an affordable premium to help safeguard against the danger of a much bigger loss from the increasing cost of high nursing home bills—as high as $46,000 to $100,000 a year.1 The fact is, one out of every two women in America and one in three men will spend time in a nursing home. The Health Insurance Association of America forecasts that the number of elderly people needing Long Term Care is expected to double to 14 million between 1997 and 2030. But the need can happen at any time in your life: 40% of people needing Long Term Care are working-age adults between the ages of 18 and 64.2
All in all, your risk of needing nursing home care is much greater than many other risks you face in life—nearly 100 times greater than your chances of having a major car accident, for example.
Most people don’t realize that the majority of nursing home care is custodial care, which Medicare does not cover.3 But Long Term Care insurance coverage is designed specifically to protect your savings and other assets from nursing home and at-home care costs.
1AARP Public Policy Institute: 2002 Across the States
2U.S. General Accounting Office, January 2001.
3Department of Health and Human Services, 2003.