Long Term Care Insurance
We feel a great passion to assist you in properly understanding long term care insurance
This site is designed to help you better understand the many issues surrounding long term care insurance and the importance of planning for your future with this type of insurance. Long term care insurance can be confusing, no matter whom you are, especially if you don’t know who to turn to for expert advice. The good news is we can provide solutions and many options for coverage to match your lifestyle, budget and personal situation.
Long Term Care Insurance: Get the protection you and your family need...
Do you worry about living in a nursing home or don’t want to burden anyone with having to care for you? Long term care insurance leaves you and your family feeling confident, secure and protected in those unexpected times when you need care the most.
Thanks to advances in medical technology, we are living almost twice as long as our ancestors. Unfortunately there's a complication. The longer we're around, the greater the odds we'll need long term care services. At least 70% of Americans over the age of 65 will require long term care services at some point in their lives according to the US department of Health and Human Services.
What is long term care Insurance?
Long term care insurance is an insurance product sold to help provide for the cost of funding long term care services.
The typical goal of those seeking long term care services is to help maximize independence and functioning at a time when you are unable to be fully independent. In other words, Individuals who require long term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Who needs long term care insurance?
Just about everyone needs it at some point in their life! According to the U.S. Department of Health and Human Services, this year, about 9 million Americans over the age of 65 will need long term care services. By 2020, that number will increase to 12 million. While most people who need long term care services are age 65 or older, a person can need long term care services at any age. Forty (40) percent of people currently receiving policy benefits are adults 18 to 64 years old.
More than any other risk you have probably planned for; your chances of needing long term care are highest. Consider the following odds:
House fire - 1 in 300
Auto accident - 1 in 30
Need long term care - 4 in 10
For most people, it is unpleasant to think of the need for care and the type of care needed as we get older. However, no one is immune to this possibility. Even more unpleasant is the thought of sacrificing life savings to pay for that care.
What are the costs?
The average national cost per year for nursing home care is $77,745 for a private room and $68,985 for a semi-private room.
The average national cost for a home health aide is $19 per hour.
The average national cost per month for an assisted living facility is $2,969.
Where is long term care provided?
Long term care can be provided in a variety of places including a person’s home, nursing facility, adult day care, or a variety of assisted living settings including Continuing Care Retirement Communities and Assisted Living facilities.
Funding Long Term Care Services
Won’t Medicare or Medicaid pay?
Medicare does NOT pay for custodial care. It pays only for skilled care in very limited circumstances. Private health insurance typically does not pay for custodial care either. Medicaid will pay for custodial care, but only if the consumer is impoverished. Before anyone is eligible to receive payment from Medicaid they must first spend down their assets. The amount of assets a person is allowed to keep varies by state residence.
Other than Medicaid, what else will fund long term care?
Either personal funds or Long Term Care insurance will pay for long term care needs. This amounts to a choice of self-insuring or purchasing a long term care insurance policy.
What are the advantages to owning a long term care insurance policy?
Long Term Care insurance not only pays for the high expenses of long term care; it also protects retirement savings, property, family assets, and lifestyle. Equally important, it provides peace of mind knowing you will be taken care of the way you wish without having to impose on family members as full-time caretakers. People who want to protect their family from the consequences of long term care understand the need for long term care insurance.
Prefer to talk to an agent?
Call us anytime at
630-369-0759