Several older men and women are playing Jenga

Do you have enough insurance?


Do you have enough insurance?

Many families are shocked to learn that Medicare may not pay the majority of nursing home bills. In fact, Medicare covers only brief, acute illnesses demanding skilled nursing or rehabilitation.

According to Genworth’s 2013 Cost of Care Survey, the yearly average nursing home cost for a semi-private room is more than $75,000.  This cost has increased almost 5% annually, and it could be more than $100,000 by the year 2023.

For many families, the exorbitant costs associated with nursing homes aren’t the only consideration. Simply deciding whether or not to insure a loved one against the costs of an extended nursing home stay is a stressful and confusing predicament. All too often, seniors or their families make the mistake of not seeking long-term care insurance until they need it. By that time, they are largely uninsurable.

Long Term Care Insurance continues to change and improve. Even the federal government is encouraging citizens, through the use of tax incentives, to invest in long-term care insurance.

Guaranties based on the claims paying ability of the issuing company.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Bank of Tennessee and Wealth Management, a division of Bank of Tennessee are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Wealth Management, and may also be employees of Bank of Tennessee. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Bank of Tennessee or Wealth Management. Securities and insurance offered through LPL or its affiliates are:

    Not FDIC Insured | Not Bank Guaranteed | May Lose Value    
    Not a Bank Deposit | Not Insured by Any Federal Government Agency    

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