Long Term Care Insurance

The cost of long-term care can be a major threat to your family's hard-earned assets, a burden that can jeopardize your quality of life today and financial security in the future. Long term care insurance is designed to help pay the costs of care of a long period without jeopardizing your income, retirement savings and other investments

What is Long Term Care? Long Term Care includes a wide range of services and Facilities for people who need ongoing help with their routine daily activities. The need for long term care could be due to the effects of aging, either because someone has become physically unable to carry out everyday activities or due to an ailment such as Alzheimer's disease. For younger people it could be from the effects of a chronic illness or an accident.

40 % of all Americans now receiving long-term care are between the ages of 18 & 64)

Long term care requires long term planning

Most people are not prepared for the demands of long term care. But talk to anyone about long term care, and you'll probably hear a story…about a spouse, parent, aunt, or brother or sister whose life was changed because of the emotional and financial strain of needing long term care or because of taking care of someone who needed long term care. And the truth is, long term care is expensive.

The average cost of a year in a nursing home is $38,000, but costs can range anywhere from $38,000 to $80,000.
Many times, the cost of home health care can equal or even exceed the cost of a nursing home stay.
"55% of those who enter a nursing home will stay at least one year; the average stay in a nursing facility is 2 ½ years.

Who pays for long-term care?

Most people assume that the government will pay for long-term care. Medicare was never intended to do so. It pays only for a small portion of the long term care expenses and then only for very limited cases. Medicare supplement policies only reimburse for the copayments and deductibles for expenses that Medicare would consider eligible.

Medicaid will pay for long term care, only if you are at or near the poverty level, or spend down your assets while paying for care.

70% of single people and 50% of couples with one partner requiring long-term care become impoverished within one year.

Medicaid has some other serious drawbacks. Your ability to chose a caregiver is seriously impaired, since you must use only Medicaid-approved providers and institutions. And, once you begin receiving benefits from Medicaid, your state is legally mandated to recover from your estate, the cost of the benefits you received during your lifetime.

If you are lucky, family members may be able to provide care, or financial support, but this is a difficult situation for you and for them, often complicated by geographical or financial issues.

What are the chances of my needing Long Term Care?

The chances of every making a claim under your homeowner's insurance are 1 in 88, and 1 in 47 that you'll make a claim under your automobile Insurance. The chances of needing long term care as some point in your life are more than 2 in 5.

More than 7.5 million people in the US require some kind of care at home. For every person in a nursing home, there are three more who receive home health care.
One in five Americans over age 50 is at high risk of needing long term care services within the next 12 months.

THE SOLUTION…LONG TERM CARE INSURANCE

Long Term Care Insurance is a dependable insurance program providing benefits, which cover a wide range of facilities and services, including Nursing Facilities, Home Health Care, Adult Day Care, and Assisted-Care Living Facilities. And, the premium is tax deductible.

How much does Long Term Care Insurance Cost?

The cost of long-term care insurance depends on your current age and medical status. Obviously, the younger and healthier you are the less it costs. Here are some sample rates:

In a nationwide poll conducted in 1996 by the National Council on Aging, about 60% of those surveyed said a relative or friend has needed long term care. And yet, 50% said they had given little or no thought to the possibility of ever requiring long term care themselves or to how they would pay for it if the need arose.

How do I get started? The time to plan is now! Call or Email us to find out the latest coverages available or complete our online quote form.

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