Prepare today for possible long-term care expenses

No one wants to think about being debilitated by a health problem later in life. If you are concerned about increasing health care costs, now may be the time to consider long-term care insurance.

Escalating costs

Expenses for health care can add up quickly. Long-term care insurance may be practical to consider to help protect your wealth. In-home care costs for 2024 are anticipated to be $5,417 monthly and nursing home costs are expected to be $8,641 monthly, according to Genworth Cost of Care Survey1.

Self-insuring is an option, but it comes with challenges:

  • Potential to become a financial burden on loved ones
  • Diverting assets from retirement income or your legacy

Insurance options

One solution for covering long-term care expenses is a life insurance policy, with a long-term care rider. It offers flexibility, convenience and value while allowing you to protect and transfer wealth to the people you care about.

Contact me today to learn more about long-term care strategies and solutions available to help you feel more confident about your financial security.

Contact us today to learn more about long-term care strategies and solutions available to help you feel more confident about your financial security.

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Disclosures

1. https://www.genworth.com/aging-and-you/finances/cost-of-care.html (as of 02/01/2024)

Patrick Pfahl, NMLS # 1789403 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.

Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.

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