How long would your savings last if you or your spouse needed Long Term Care?
For the vast majority of people, the need for Long-term care is not a question of “if” but “when.”
FACT: 70% of people over 65 will need long term care (and Medicare only pays for short periods of care).1
FACT: That means there’s a 91% chance that either you or your spouse will need long term care at some point.
Watch the short video below to find out more.
By comparison, there’s only a 1 in 1,200 chance your house will burn down.2 Of course, you would never dream of going without homeowner’s insurance.
With the such high odds of needing long term care, you can’t afford to treat this subject as “unthinkable.” It will affect almost everyone at some point. The question is, will you be financially prepared or not?
If you’re rich, maybe you don’t have to worry about long term care. You’ll be able to pay for these services out of pocket.
But if you’re not rich, – and unless you relish the thought of your kids changing your diapers one day – you need to seriously consider getting long term care insurance.
What exactly is long term care?
Long term care is ongoing assistance with some of the most basic Activities of Daily Living (ADL), specifically:
- Continence (the ability to control your bladder and bowel movements)
- Transferring (the ability to get yourself out of a chair or bed, walk across the room and sit in another chair).
The need for care mostly stems from disability, chronic illness, cognitive impairment, or just getting older. But long term care is not just for the elderly. Accidents or illness can strike suddenly, in any stage of life. One carrier has recently paid benefits to care for a 27-year old! 3
Long term care can be given in-home, in a nursing home or an assisted living facility.
As you probably already know, these services are quite expensive. A recent survey shows that
- Professional in-home care costs more than $20/hour per person, on average. That’s $44,000 a year if you need assistance 8 hours a day.4
- A private room in a nursing home goes for nearly $91,000 a year.4
And the cost of care continues to increase every year,3 so these figures are likely only going to get worse.
Long term care insurance is probably the best way to help pay for these services.
Long-term care insurance protects your assets during some of the most difficult stages in life the same way life insurance protects your family when you die.
Take the first step to protecting the assets you’ve spent a lifetime building by calling 877-908-5089 and speaking with one of our dedicated advisors.
So, how do long term care policies work?
No one gets excited about buying long term care insurance … paying premiums … and coming to grips with what life will be like when you can’t take care of yourself. It’s more than a little scary. But it is important to learn how it all works.
Here’s what you need to know:
Long term care insurance benefits can be available if you either:
- Have a severe cognitive impairment, like Alzheimer’s or dementia OR
- Are unable to perform two or more of the six Activities of Daily Living (ADL) without help.
Although your family loves you and wants to take care of you, it may be very difficult for them to provide full-time assistance. That’s not really an ordeal you want to put them through anyway, is it?
It may be hard to find someone with the necessary training to provide the help you need without hiring a professional.
That’s when the expenses start piling up.
A few dollars a day can protect your life savings
You’ve probably gone to great lengths to save enough money to enjoy your retirement. But that nest egg can disappear quickly if you or your spouse are among of the 91% of people who require long term care after 65.
You don’t have to be a gambler to recognize the odds.
The best way to defend yourself and remove the burden from your family is to face the challenge head on, on your terms.
You can hope that you’re in the 9% who will be totally self-sufficient for the rest of your life…or you can face the future prepared for whatever comes your way.
Long term care insurance is self-defense for your assets in times when they are especially vulnerable. Learn more about getting protected and get a free quote: call us at 877-908-5089 and speak with one of our LTC specialists.
Here are some answers to frequently asked questions about long term care insurance:
1. “How much does it cost?”
It depends on several factors, including age, gender, current health and the amount of coverage you want. If you want specifics on pricing and plans, give us a call.
One thing is certain: just as the cost of care is climbing year after year, insurance premiums will continue to increase as well.
The longer you wait to get coverage, the more expensive it will be for you.
2. “I don’t want to go to a nursing home. Why should I consider long term care insurance?”
In fact, most people want to be cared for in their own home. That is why ALL the long term care policies we sell cover these situations. Of course, if you need more skilled care at a facility outside your home, that’s covered as well.
3. “What if I buy a policy, pay my premiums, and end up never needing any care?”
If you’re lucky enough to be in that 9% that doesn’t end up needing long term care (remember, there’s a 91% chance that either you or your spouse will need it!), then buying a traditional long term care plan will turn out to be a waste of money. You may want to consider a non-traditional policy.
These plans allow you to buy a “pot of money” for pennies on the dollar that can be used for your long term care. If you die without having to use it, that money will go to your family.
Here’s the bottom line
We feel that long term care insurance shouldn’t be viewed as an option, but as an essential part of any responsible financial plan.
It’s never too early – or too late – to get long term care insurance. Click here or Call us today at 877-908-5089 to answer any further questions you may have.
Additional information can also be found in the Brochure below.
2 Robert Harwood’s Investing for Retirement: The Ultimate Guide to Not Outliving Your Money