Long Term
Care Insurance Needs
Learn
About Your LTC Needs
Explore Policy Costs and
Illustrations Unfortunately, the facts don’t support these assumptions.
Today more than
ever, we are all faced with the "financial challenges of living
longer". We tend to focus on producing income, and
concerning ourselves with today's inflated expenses. We
recognize the fact that our jobs are not secure and the forecast
for the future is higher costs of living. If you think you have
problems now, try taking on these financial challenges if you
are unable to physically fend for your self. Any one
of us can be faced with this challenge at any time.
Most
of the Long Term Care costs are paid for through savings or
other assets.
Do I need Long Term Care?
Protect Your Assets - Or Are
Without Adequate Assets Long-term care is expensive. Today, the national average cost for home care is $20,000* and the cost of nursing home care is $50,000.** In thirty years, average costs are expected to more than triple.*** Is that how you want to spend the savings you worked so hard to acquire? Long term care insurance can help. It fills the gaps in coverage left by medical plans not intended to cover the cost of a home health aid or the expense associated with nursing home confinement. It provides benefits for long-term care services that may only be covered in a limited way by government programs like Medicare or Medicaid. Long term care insurance is an affordable way to protect yourself and your family members from the financial burdens often associated with long-term care.
Preserve Your Independence Did you know that 40% of the 12 million people who are receiving long-term care are under age 65? That’s 4.8 million people who probably didn’t think they would need long-term care services either.**** What would you do if you could no longer manage to do everyday tasks without assistance? Could you depend on your spouse? What about other family members? If they work or live far away, your options become less clear. Long-term care insurance doesn’t just pay benefits for care provided in a nursing home. A comprehensive long-term care insurance plan can pay for services that help you remain at home, like visits from a registered nurse or home health aid or home modifications that can help you manage on your own. Long-term care insurance offers coverage that will give you the flexibility you need to make decisions about the kind and site or care that works best for you. *Who buys Long-Term Care Insurance in 2000? Prepared for the Insurance Association of America by LifePlans, Inc., October 2000 **ACLI Study, March 2000 ***U.S. General Accounting Office, January 2001 ****U.S. Office of Personnel Management, 2001
Not everyone is a candidate for long-term care insurance. Long-term care insurance is not offered on a guaranteed issue basis and companies may deny coverage or limit benefits during a
pre-existing condition waiting period if you do not meet their "medical underwriting" standards. If you already have health problems (e.g., Alzheimer's disease, Parkinson's disease or other less serious conditions), insurers may consider you to be a high risk and decline to issue a long-term care insurance policy. You should also be clear about what assets you hope to protect by buying long-term care insurance. If you do not have significant assets, long-term care insurance may not be an appropriate purchase for you. Under the right circumstances, long-term care insurance could be the best way to protect your assets, including your home. Since long-term care insurance is a major financial commitment, before you buy any coverage, understand your options and look closely at your needs and resources.
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