Long Term Care Insurance


This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. Most will be cared for at home but many will need to go into a nursing home. A study by the U.S. Department of Health and Human Services found that people who reach age 65 will likely have a 40 percent chance of entering a nursing home.

What exactly is long term care? Long term care includes medical and non-medical care for people who have a chronic illness or disability and helps meet health and/or personal needs. Most long-term care involves assisting people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that long term care is not only for the elderly and you may need long-term care at any age. Long term care insurance can help cover the expenses of a nursing home or of home health care and other services/supplies provided in the home. Many people do not consider the importance of long term care insurance as part of their insurance needs. The costs of this care can quickly deplete savings and become an expense for your spouse or children.

Long term care is not designed for older people. It is for all people.

No one likes to think about it, but what is your plan if you or your spouse should have an accident and the injuries are so severe that you cannot perform any basic life activities such as to getting dressed or taking a shower? Family and friends may be able to help for a brief period of time but you may need to hire a nurse and that can be very expensive.

Long term care (LTC) is the solution and it is very important to understand the features that apply to this type of coverage.

An LTC policy can be issued for 3, 5, 10 years or an unlimited time period. The inflation rate can be applied to the coverage as well, which means that amount paid to the nurse in 40 years will be proportional to the future value of the money. LTC can be purchased by individuals who are single or families.

For families, it’s important that parents have a LTC policy in place as they grow older in case help is needed due to a debilitating illness, i.e. Parkinson or Alzheimer Disease. This will avoid the large burden that may be placed on children of ailing parents to have to be responsible for the daily care of their parents. Often, those children may already be married and have young children of their own to care for. Often, single people do not have the support system that a couple may have. It’s a must to have LTC policy in place in case it is needed.

Many people do not know that that Medicare coverage for long term care is VERY limited. So plan now to get LTC insurance.

Our insurance specialists can best explain the benefits and importance of this type of insurance coverage.