According to the U.S. Department of Health and Human Services, 70% of those age 65 and up will need some sort of long-term care. Paying out of pocket is out of reach for most of us since the median annual cost of a private nursing room is $97,455. If you live in a major metropolitan area, you can expect to pay even more. Data from Genworth’s 2017 Cost of Care Survey found the national median cost of an assisted living facility is $3,750 per month, while a nursing home costs $8,010 per month.

“Costs are generally higher in New Jersey as is the cost for those with dementia,” a financial planner from Brooklyn said. “According to the American Association for Long-term Care 2008 Sourcebook, over half of people needing nursing home care require a stay of more than 12 months with almost one-quarter staying more than three years. It is the latter portion of the population that can truly devastate a family’s finances.”

The earlier you enroll in a LTC plan the lower the premiums are. In recent years, an array of innovative LTC plan types have been introduced to the market, offering you options that are more affordable and ensure that your premiums do not go to waste if you remain independent through ripe old age.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.