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Peace of mind: knowing that you’ll get the care you need, when you need it, without breaking the bank.
Long-term care insurance is a safety net that protects you should you be unable, due to age, illness or disability, to perform certain day-to-day activities, such as bathing, getting out of bed, toileting, dressing or preparing meals. Without insurance, such care can become prohibitively expensive.
When you use our service, we create a system where licensed insurance agents compete for your business. The upshot is that you’ll get the right insurance at the right price, with minimal effort on your part.
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Our network of licensed agents can guide you through the sometimes complex world of long-term care insurance, helping you determine what levels of coverage you need or even whether you need coverage at all. (For most of us who are wealthy enough to be ineligible for Medicaid but are financially unable to cover all care costs out of pocket, long-term care insurance is often a sensible investment.)
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What is Long Term Care (LTC)?
Long Term Care includes a wide range of medical and support services
for people with a degenerative condition (e.g. Parkinson’s,
stroke, etc.), a prolonged illness (cancer) or cognitive disorder
(Alzheimer’s).
Long Term Care is not necessarily medical care but rather "custodial
care." Custodial care involves providing an individual assistance
with activities of daily living or supervision of someone who is cognitively
impaired.
To better understand Long Term Care, think of the activities that
you performed when you woke up this morning. You probably:
• Climbed out of bed
• Walked to the bathroom
• Used the toilet
• Used the bath or shower
• Got dressed
• Ate breakfast
While we are healthy it is easy for us to take for granted the above
Activities of Daily Living (ADL's). However, when you or a loved one
is stricken with a degenerative condition such as a stroke or Alzheimer’s,
performing these ADL’s becomes impossible without the assistance
of another person.
This type of care is Long Term Care. It is the same type of care that
a parent must provide for their new baby. This type of care is chronic
(full-time) and thus becomes very expensive. Long Term Care can be
provided in many settings including nursing homes, your own home,
assisted living facilities and adult day care.
Why is there a need for Long Term Care?
Basically people are living longer. Due to advances in modern medicine
and life-style changes, the number of people over the age of 65 is
projected to double by the year 2050. Each year the U.S. elderly population
continues to grow. In fact, the 80-plus segment represents the fastest
growing segment of the population (they virtually never existed before).
As Americans take care of themselves through a healthy diet and exercise,
they are increasing their projected longevity. Unfortunately, as people
age, they are more likely to suffer from chronic illnesses such as
strokes or Alzheimer’s. Statistically, Americans over the age
of 65 face a 40% risk of entering a nursing home for Long Term Care
services.
Another reason for the recent public focus on Long Term Care is the
changes impacting families. Years ago, most elderly depended upon
their family to care for them as they aged. Family members lived close
by or even under the same roof.
Today, many women are in the work force, children have moved away
and divorce rates are approaching 50%. All of these factors contribute
to the inability of families to meet the needs of their aging parents.
Thus the elderly must rely on professional assistance, which comes
at a cost.
What Do Long Term Care Services Cost?
"A year in a nursing home now averages more than $40,000 and
can exceed $100,000 annually in some parts of the country." -
The Wall Street Journal 3/31/99
Obviously Long Term Care services are very expensive. Quality nursing
homes are always filled to capacity and they are consequently able
to command a hefty fee for services.
Home care is also expensive. Bringing a home health aide into your
home every other day for a 4 hour visit can easily cost $1800 per
month. When the home care approaches 8 hour visits every day, the
costs rise to $7200 per month. At this point, the care recipient begins
to receive facility based care simply for economic reasons. More
on Paying for Long Term Care
Who Pays for Long Term Care expenses?
There are 4 main ways in which to pay for long term care, cash, Medicare,
Medicaid, or private insurance. Before you begin paying for long term
care insurance it is critical that you plan early so you make the
best decision possible.
What is Long Term Care Insurance?
Long Term Care Insurance has been around in one form or another since
the early days of medicare. The policies during this time bear little
resemblance to today’s policies. While early Long Term Care
policies were similar to a basic Medicare supplement policy, today
Long Term Care insurance has evolved and typically covers a broad
range of services including nursing home care, assisted living facilities
and adult day care.
Like any insurance product, Long Term Care insurance allows the insured
to pay an affordable premium to protect an unaffordable catastrophic
event.
What to look for in a quality Long Term Care insurance policy.
- Financial Strength
A long-term care policy is for the "long-term." It is important
to keep this in mind before purchasing a policy from a carrier with
inferior financial strength. Many policyholders do not receive benefits
from a Long Term Care policy for 10 to 20 years after issue.
- Adequate Daily Benefit
Long Term Care services can be expensive. They may easily exceed $130
per day in most parts of the country and in excess of $200/day in
metropolitan areas. It is important to be aware of the costs in your
area when selecting a daily benefit.
- Inflation Protection
Over time, the cost of services increase. Long Term Care services
are no different. For example, a nursing home that charges $130/day
today will charge $260/day in 14 years assuming a 5% growth rate.
Inflation options need to be selected at time of issue, and do not
under-estimate the power of compound interest.
- Comprehensive Coverage
At the time the policy is issued, we do not have a crystal ball to
determine where we will end up receiving Long Term Care services (nursing
home , home care, adult day care…) It is comforting to know
that your policy will provide benefits in a variety of settings.
- Claims
Ask your Long Term Care representative about their company's claims
process. This is the most important aspect of an Long Term Care policy
and yet the most ignored. Questions to ask would be as follows:
• Describe the carriers claims
process?
• What percentage of claims that
have been filed are paid?
- Stable Premiums
Long Term Care carriers have the right to raise premiums. The policies
are "guaranteed renewable" which prevents a carrier from
singling out individuals for rate increases, but they may raise premiums
for a "class" of policyholders. Be careful of carriers that
are priced substantially below the competition. Again, ask your representative
if the proposed carrier has ever increased in-force premiums.
Who
should consider Long Term Care insurance?
Many planners refer to Long Term Care insurance as "asset protection."
Individuals need to have assets worth protecting in order to justify
the purchase of a policy. (Medicaid eventually pays for Long Term
Care services once an individual becomes impoverished).
In other words, if you are able to pay Long Term Care insurance premiums
without having to change your lifestyle – you should transfer
that risk to the insurance company.
Health is another important consideration. The state of one’s
health is a determining factor in one's ability to secure Long Term
Care protection. This sometimes poses a problem as people don't often
consider Long Term Care insurance until an unfortunate event has affected
their health or the health of a loved one.
Long term care may be required by anyone, not just seniors. Care is
usually required as a result of the effects of aging, either because
a person has become physically unable to carry out everyday activities
or because they experience cognitive impairment, such as Alzheimer's
disease. Other times, long-term care may be needed because of chronic
disease or while recuperating from an accident or serious illness.
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