Personal Insurance

Long Term Care Insurance

Long Term Care Insurance covers a wide array of Services

Long Term Care is a service provided in the form of home health care, assisted living facilities, community care, and as a last resort, nursing homes.

photo long term careLong Term Care is not just skilled care, which most people associate with nursing homes. In fact, about 95% of all care is Custodial Care that you could receive in your home, with an aid coming to help with everyday things like cooking and cleaning, and helping with your Activities of Daily Living (ADL’s) which are eating, bathing, dressing, transferring, toileting, and continence.

photo long term careThe New England Journal of Medicine recently reported that about 49% of people 65 and older will eventually need Long Term Care.

The Wall Street Journal states that nearly 50% of seniors 85 and older have Alzheimer’s or some other form of dementia, the number one reason for needing Long Term Care and WSJ also reports that even children are buying long term care insurance for their parents.

Harvard Magazine says that as men are living an average of 80.9 years and women are living an average of 84.5 years, modern medicine is creating a much higher chance that a person will need Long Term Care. More LTC statistics. The average United States citizen is living longer because of advancement in medicine. This means a higher likelihood of needing Long Term Care at some point before a person dies. In addition to Alzheimer’s and dementia, other degenerative diseases such as obesity, diabetes, stroke, heart problems, cancer, bone fractures and Parkinson’s Disease may also create the need for Long Term Care services.

Costs of Long Term Care – The Problem

Consider the high average annual cost of Long Term Care:

  • Nursing Home – $83,179
  • Assisted Living Facility – $44,345
  • Home Care – $38,317

Planning Ahead – The Solution

As you can see, the high cost of receiving Long Term Care can erode your life savings. With the average stay in a nursing home at 2.9 years, it adds up to an average cost of $241,219 per person or $482,438 for a married couple. And that is figured at today’s costs. Inflation has driven medical care costs up for years, and that trend will probably continue. Long Term Care Insurance can include inflation protection.

What if you could protect yourself from possibly the greatest financial risk you will face in your retirement years?
With Long Term Care Insurance, most, if not all, costs can be covered, depending on the policy. Imagine how relaxed you would feel knowing that you planned ahead and are protected.

Long Term Care Insurance will help to:

  • Prevent being a burden to your children and family.
  • Protect your Nest-Egg (Savings), IRA’s, 401K, CD’s, Stocks.
  • Avoid depleting your savings, losing your home, and then receiving potentially substandard care from a Medicaid nursing home.
  • Maintain your independence and dignity by receiving home health care in your own home where you are most comfortable. This will protect your quality of life and reduce the stress levels for your family.

Relax, you’ve got a plan.

Contact us today for your free comparison Long Term Care Insurance Quote.

The following agents are trained in this specialized area of coverage:

Ted Elink Schuurman:
tedeli@hmbd.com
Dan Roddy:
danrod@hmbd.com
Jay Semaan:
jsemaan@hmbd.com
Travis England:
tengland@hmbd.com