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Dierdre Collins, MSFS, RFC
Tim Murphy, AIF, RFC

 

Long Term Care Insurance

Insurance can be confusing. Our specialists will provide you with simple, concise information to help you make an informed decision. We can also review your existing Long Term Care Insurance and help guide you through the dizzying array of features and compare those to your needs, goals, and objectives.

Individuals who require long-term care are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, walking, etc. People receive long-term care in a variety of settings including private homes, adult day care centers, assisted living facilities and nursing homes.

A common misconception about long-term care is that it is just for the elderly. Anyone of any age or occupation may need long-term care. One of the biggest threats to financial security can be the high cost of long-term care. Conventional health plans do not provide the extended coverage you will need if you require Long Term Care. Without adequate coverage, the financial and emotional ramifications can be devastating.

Consideration should be given to the following:

  • Why should you buy Long Term Care Insurance?
  • What should you look for in a Policy?
  • What does Long Term Care Insurance cost?
  • Buy now or later – What is the cost of waiting? 

Did you know? Interesting Facts*

  • 79 - The average age that Long Term Care is first needed. 
  • $73,000: Median annual rate, nursing-home care in U.S.

  • 12 million: The number of Americans expected to need long-term care in 2020
  • 78%: Percentage of the elderly in need of long-term care who receive that care from family members and friends.

  • 49%: Percentage of nursing home costs covered by Medicaid
  • 40%: The percentage of individuals who reach age 65 who will enter a nursing home during their lifetimes.

  • $205 per day or $6,235 per month and $75,000 per year for a semi-private room in a nursing home.

*Sources: Morningstar.com and Longtermcare.gov

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