So the Packers won and the Steelers lost. But ALL retired NFL players just scored a touchdown: The National Football League is now providing and paying for long term care insurance for NFL alumni. From the NFL Alumni website:
Long term care services are generally needed as individuals age and require assistance to perform daily tasks. However, accidents and illnesses can occur at any age and, while most long term care services are provided to the elderly, younger people are exposed to the high cost of long term care services as well. Long term care can be expensive, costing over $70,000 per year depending on the level of services required. Generally, long term care services are not covered by health insurance or current government programs, other than Medicaid. This leaves the individual financially responsible for paying the high cost of long term care services out of savings and retirement funds.
The escalating cost of long term care and the greying of America mean more and more families are facing impoverishment from long term care costs. Long term care insurance is a prudent investment if your health doesn't make you ineligible, and obviously, if you can afford the premiums. If you cannot qualify or afford insurance, seek the help of an Elder Law Attorney, who can advise you on the availability of long term care benefits through Medicaid or the Veterans Administration. Your lawyer will also be able to coordinate your planning with your overall disability planning and estate planning.
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