Long Term Care Insurance Suffers School Board Cost Cutting Measures
Last updated: February 28, 2017 at 17:57 pm
Long Term Care Insurance Retirement Planning
The Sturgeon Bay School Board has approved dropping their long term care insurance benefit as a cost cutting measure. Over sixty retirees will be affected by the decision to drop the long term care insurance benefit and only those who have been insured for more than 10 years have the option to retain their long term care insurance benefits.
The recent move by the school board further underscores the need for individual long term care insurance planning. Currently, California long term care costs average over $81,000 per year for a semi-private room in a nursing home and more than $50,000 for home health care services. Unless one is very wealthy the need for long term care services can be financially devastating.