Long Term Care

Boomers 15

Long Term Care insurance is certainly a wise investment but it requires careful planning!  Meeting face to face is the recommended way to accomplish this.  For now here are a few facts and some general information related to LTC insurance.

  • Two-thirds of the population will require some type of long term care, in their lifetime, but only 35% believe they will ever need such care.
  • Most people think it involves living in a retirement home or skilled nursing facility, this is not true.  What if you were laid up after an accident and required 3 to 6 months of home or hospital care?.
  • Many think that their health insurance or Medicare, or Medicaid will cover all of these costs, also not true.
  • Couples policies are now available for all types of domestic partnerships.
  • The cost of non-medical Home-care can cost $20+/hr.  The cost of a semi-private room in a nursing facility is $220/day, (that’s $80K annually), a private room can run twice that amount.
  • No one wants to be a burden to their spouse or adult children because they have to be cared for.
  • If you never need LTC you don’t lose your money with a policy that will return your premiums, or provide a death benefit for your family.

Those last two on the list above are the top worries of people 55 and older.  Studies show that people are 5 times more worried about these issues than they are of dying!   Long Term Care Insurance is designed to manage these issues and more.  Additionally, there are a variety of options available for long term care. These include home based care, adult day care, facility based care, homemaker services, assisted living facilities, and hospice care to name just a few.

You may need to access only part of your LTC policy while preserving the remainder of it for later use.  LTC is there in the event of a serious accident where you ultimately recover, but only after needing out-patient home care with your ADL’s for weeks or even months.  “ADL’s” or Activities of Daily Living, (dressing, toileting, bathing, feeding, etc.) can require personal assistance that your family may not be available for.

In the end, a thorough understanding of your current financial situation, your current health, etc. is the optimum way to determine what you need and which policy is right for you.  Call me, let’s discuss it.