Long-Term Care Protection
Nothing will ever happen to me!
If your like most people they think long-term care is something that they will never need. In fact a Prudential research paper showed that 58% of Americans belief this is the case. Long-Term care includes; nursing homes, assisted living facilities, adult day care or home care. Yet, the facts spell out a different scenario:
- 70% of all people over 65 will require some form of long-term care during their lifetime.
Many young people look at long-term care as something for “old people”. Here are some things to consider:
- 1/3 of all stroke victims in the U.S. are under the age of 65
- 1/8 of all alzeihmers patients are diagnosed before the age of 65
- 30% of those receiving home health care and 10% receiving nursing home care are pre-retirement age ranging from 18-64. (This stat is created by accidents, strokes, brain injuries or tumors, mental conditions, AIDS, multiple sclerosis, muscular dystrophy, or even early onset Alzeimer’s and Parkinson’s disease.)
What can the Financial Impact be on my Family?
Insurance is something that nobody wants until they need it. What if you didn’t have long-term care and something unfortunate happened. Would you family be ok? Considering these facts:
- The average annual cost of nursing home care for one person is more than $66,000.
- Medicare pays for less than 2% of all long-term care cases. (Medicare support is only for a maximum of 100 days)
- Medicaid pays for long-term care only after an individual has exhausted almost all of his or her estate, qualifies as impoverished and is admitted into a nursing home that accepts Medicaid.
- The average stay of a male younger than 59 that needs long-term care is 3,840 days.
Your health insurance will only cover a portion of the money needed to provide the care you may need. Can your family maintain their lifestyle with your added expenses?
So Is there a Solution?
Fortunately, there is Long-Term Care insurance which provides a solution to assist in paying for these expenses and leaving ones individual estate intact. A long-term care policy should be adequate to cover the potential need, considering the daily amount and length the benefits may need to be paid.
The policy should also provide protection against inflation. Individuals should think about those benefits that might need to be available in 10, 20 or even 30 years. Perhaps just as important, it is critical to contemplate what the costs could be at that time compared to the costs today.
Give yourself one less thing to worry about and let us help you protect your hard-earned assets and your independence in the future.
These policies have exclusions and/or limitations. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.