So many things in life are beyond our control. Yet, you want to do your best to prepare for the future. You have probably worked hard and invested your savings to make sure you have financial security and independence during your retirement.
Something you may not have considered is the potential expense of long term care. Long term care insurance can be an affordable way to help protect your nest egg from the high cost of long term care. In addition, a long term care insurance policy can give you added flexibility in the type of care you receive and help you stay at home as long as possible.
WHAT IS LONG TERM CARE?
Long term care includes care and services provided to a person who requires supportive help or supervision for a long time. It includes the assistance needed with the Activities of Daily Living (often called ADLs) such as eating, bathing, dressing or moving from a bed to a chair, when faced with a chronic disease, disability or sudden illness. It refers to the supervision that may be needed with a severe cognitive impairment, such as Alzheimer’s Disease or other mental illness or brain disorders, that can limit a person’s ability to think or reason.
Depending on the condition, these everyday activities may only be possible with care provided by a paid or informal caregiver and may be needed over a long period of time.
WHAT ARE THE CHANCES I’LL NEED LONG TERM CARE?
We all think it won’t happen to us. We’re a nation raised to value independence. Yet, you may already know of friends or family members who have needed long term care. A sudden illness, injury, or impairment can happen at any age.
HOW MUCH DOES LONG TERM CARE COST?
In California the average median cost for nursing home care is over $87,345 annually for a private room.1 In-home services are approximately $93 per hour. A well-designed long term care insurance policy can go a long way toward covering all or a portion of these costs.
WHO PAYS FOR CARE?
In recent years, the federal government has made it clear who is responsible for paying for long term care: YOU.
Long term care services may not be covered by any other type of insurance:
- Most major medical insurance plans do not cover long term care.
- Medicare may cover some nursing home care, but only for a limited time.
- Disability insurance only replaces lost income.
- MediCal only pays for nursing home care after you have spent down most of your assets.
WHY SHOULD I CONSIDER LONG TERM CARE INSURANCE?
A Long Term Care Insurance Policy can help you:
- Retain your financial independence.
- Preserve your quality of life.
- Stay in your home as long as possible.
- Maintain flexibility in choosing how and where you receive care.
- Protect your savings and other assets.
- Relieve the burden of care from loved ones.
WHAT DOES LONG TERM CARE INSURANCE COVER?
A long term care insurance policy typically reimburses for the approved long term care services you might need at any age in a variety of locations depending on your preferences or needs. Care might begin with assistance in your home for a few hours a week. A policy may help reimburse for modifications to increase accessibility to or in your home, if needed. Or at some point, you might require around-the-clock attention at home, in a residential care facility or in a nursing home.
WHAT DO INSURANCE POLICIES COST?
The cost of long term care insurance policies varies widely depending on your age and the options you choose. However, you may find the premiums to be more affordable than expected. The younger you are when you get coverage, generally the lower your premiums will be.
It’s also important to apply when you’re healthy, so you can have coverage if you need it. If you actually need care services, it may be too late to apply for long term care insurance coverage.
HOW DO I DECIDE WHICH LONG TERM CARE INSURANCE POLICY IS RIGHT FOR ME?
Purchasing a long term care insurance policy is an important decision. Prior to selecting a long term care insurance policy it is important to be aware of all the features and benefits available, along with an understanding of long term care costs based on where you plan on receiving care. To learn more about the long term care insurance policy that meets your long term care goals and objectives complete our long term care insurance quote request or contact us toll free at (877) 579-9574 to speak with a long term care insurance professional advisor.
WHO CAN I TRUST?
Selecting a long term care insurance company is an important decision. You want a company you can trust to help protect your financial independence as you grow older. We work with all major carriers to ensure that you get the policy you need to accomplish your long term care insurance goals.
WHAT’S THE NEXT STEP?
Now that you’re more educated about long term care insurance, it’s time to go to the next step and compare long term care insurance policies. You need to learn more about how to best protect your assets and how to best preserve your ability to choose. Talk to one of our long term care insurance professional advisors by completing a long term care insurance quote request or by calling us toll free at (877) 579-9574.
It’s important to have coverage in place before you need it. Act now to help protect your ability to choose.
1. Genworth Financial  Cost of Care Survey. Conducted by CareScout®. April 2010.