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PLANNING FOR YOUR FUTURE
LETTER FROM THE GOVERNOR
What would happen to your retirement funds if you were suddenly unable to take care of yourself for a short time or, even worse, an extended period of time? Many Hoosiers have the mistaken impression that health insurance or Medicare will pay for long term care costs.
Long term care services can be very expensive. If you need care in an assisted-living facility or full-time care in a nursing facility, the cost can be $70,000 a year or more. Having someone come to your home to assist you could cost over $40,000 a year.
You may receive a letter from the Governor encouraging you to consider planning for future long term care needs. With this letter, the Partnership Program hopes to spark consumer interest in learning more about long term care such as services provided and the ways to pay for these costs. Indiana residents have choices when planning for long term care expenses. Long term care insurance is one option that may be the right choice for you and your family. The cost of a long term care insurance policy varies and is determined by several factors such as your age, health status, policy benefits, and the insurance company selected.
This long term care education letter campaign provides Hoosiers with the opportunity to explore insurance policy options in more detail with a long term care professional, if they choose. We understand the serious issues in today's economic environment and encourge you to plan for the future.
Rebecca Vaughan, LTCP
Director, IN LTC Partnership Program
Indiana Department of Insurance