What do people celebrate during the month of November? You're thinking turkeys, aren't you?
Of course, there's a lot to be said for Thanksgiving. The food is superb, and it's a beautiful time of year. It’s also a holiday about family, which brings us to the other reason to love November. Welcome to long-term care awareness month: A time to think of your family's future, and your own.
If you’re like most people, you probably haven’t spent much time thinking about long-term care. Test your knowledge of this important issue by taking this pop quiz.
1. What percentage of Americans will need long-term care at some point in their lives?
2. What's the price tag for one year spent in a private room in a Texas nursing home?
3. Nursing homes are the only legitimate long-term care option.
Scroll down to see the correct answers. And, if you’re a business owner or manager, read on...
Are you an employer?
Then you've got a job to do. As an employer, you’ve got the power to bring otherwise invisible issues to your team's attention and educate them about what’s not on their radar.
Everyone knows it's important to save for retirement – but not many know about the importance of long-term care planning. It's a relatively recent need. We're all living longer than we used to, and that's a good thing, but it does have some unforeseen effects on one's long-term plans.
Help your employees get educated on long-term care, because the earlier they plan for it, the better off they'll be. Share the quiz above in your employee newsletter or post it in your break room. You can also direct employees to longtermcare.gov for more information. Also, ask us about how you can offer your team long-term care benefits – either as an employer-sponsored or voluntary plan.
1. Answer: D, 70%. According to statistics, you and your loved ones are overwhelmingly likely to need long-term care at some point in your lives. Source
2. Answer: C, $65,700. That’s the current annual cost of a private room in a nursing home in Texas. By 2034, in just 20 years, this number is projected to morph into answer D: over $118,662. That’s a figure that can deplete a nest egg in no time at all! Source
3. Answer: False! Nursing home care isn’t your only choice. There's a whole range of options to learn about (including care in the comfort of your own home), and the sooner you begin planning for long-term care, the more choice you'll have when the time comes. Source
Don’t wait to learn more about long-term care. Gather the info now and spread the word! The sooner you find coverage that’s right for you, the more comfortable your future will be.