Long term care costs can impact retirement savings

For families dealing the need for long term care for a loved one, the costs of such assistance can seem overwhelming. Long term care costs may include help with daily activities such as eating, bathing or dressing after illness or injury prevent a loved one from managing those tasks alone. Long term care costs may also include the expense of physical, occupational, respiratory or speech therapy provided periodically or even daily. The costs of long term care can exceed tens of thousands of dollars per year – indeed, a private room at a nursing home may cost more than $85,775 annually.* That’s why so many families have turned to John Hancock for insurance to help manage the long term care costs.

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Control long term care costs with John Hancock

John Hancock has been providing insurance products for more than 145 years and long term care (LTC) insurance products for the last two decades. As one of the leading providers of LTC plans, John Hancock products cover all types of care in settings that include the home, the community and assisted living or nursing facilities. John Hancock also offers a broad variety of optional features that enable you to design the best plan to manage long term care costs. When you choose John Hancock for your long term care insurance policy, you are choosing a company with more than one million long term care insurance policyholders. Your John Hancock policy will help you feel confident about your future and help protect your savings and assets.

How much coverage will you need long term to cover the costs of care?

There are a number of considerations when deciding how much insurance you’ll need to cover your long term care costs.

  • Duration of coverage. While the average length of time for long term care is about three years**, you may want to plan to cover costs for a longer or shorter period, depending on your personal and family health history.
  • Cost of local care. The geographic location where you are most likely to receive care makes a significant difference in the costs you’ll need to cover, as the costs of care differ from region to region.
  • Amount of wealth to protect. Long term health care plans should be part of an overall retirement strategy and financial plan.

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*Based on John Hancock’s Cost of Care Survey, conducted by LifePlans, Inc., 2011.

** Center for Retirement Research at Boston College, “How Can We Improve Long-Term Care Financing,” June 2008.

Long-term care insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117 and in New York by John Hancock Life & Health Insurance Company, Boston, MA 02117.