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Today there are more affordable options than ever. We have the capability to find you a plan that not only fits your needs but also fits your budget.
Long Term Care information can be complicated, that’s what we are here for. Here are the most commonly asked questions.
What is Long Term Care?
This is the care you may need due to either a sickness or accident when you need assistance with your activities of daily living. Things such as bathing, dressing, eating, toileting, transferring, continence or if you were to become cognitively impaired. These are generally things not paid for by health insurance.
Who needs long term care?
Today, statistics show 1 out of every 2 people who reach age 65 will need some form of long-term care. However, 40% of all those who currently are receiving care are working age adults between the ages of 18-64. Statistics for the future are predicting that almost twice as many people will need long term care in 2040 than currently are receiving it today due to the aging baby boomers.
Who pays for long term care?
Family Members
Most family members will attempt to prevent a loved one from having to be institutionalized once they run out of money to get the care they need. However, with so many single parent families depending on one bread winner or in today’s world with two parent households barely scraping by, most say they have no choice when the time comes.
When it becomes a choice between taking care of a sick parent or loved one vs their own well-being and earning a living for their family, they must make some very tough choices. Not to mention the fact that in our society today families are spread out hundreds of miles apart.
Out of Pocket
You are expected to pay for your own long term care expenses out of your pocket unless you are a war time veteran or until you are dead broke. At a cost of $5000-$7000 per month, most people will quickly go from having the ability of paying out of pocket to being dead broke.
In fact, the Wall Street Journal states “The Number 1 risk to your financial nest egg as you grow older is the growing cost of long-term care expenses!”.
Medicaid
After spending all your assets except for your home, Medicaid will kick in and start paying. You literally must be dead broke. Medicaid is very restrictive in the types of facilities they cover, and they do not pay for assisted living facilities, which is the preferred type of care. They will only pay for Medicaid approved nursing homes and not even for a private room.
Unfortunately, as our country faces a $32 trillion national debt and with Medicare and Social Security having as much as $78 trillion in unfunded obligations and liabilities, the chances the government will begin paying any more for long term care in the future is not very likely.
What are your options?
Today, there are multiple options to choose from to insure yourself, your family, and the assets you have worked so hard for.
Traditional Long Term Care Insurance Plans
Life Insurance Plans With Long Term Care Riders
Short Term Care Insurance Plans & Standalone Home Health Plans
trust well known financial experts
Long-term care is absolutely mandatory for people 60 and over… You have to get long-term care whether you’ve got $1 million or not.
Once you reach your 50s you should consider adding a long-term care policy to your insurance coverage. No well-planned retirement should be without long term care insurance. It is the very cornerstone of retirement security.
If you’re in your late 50s or 60s you should have long-term care insurance unless you’re terribly rich.