Long Term Care Insurance
Are You Thinking Long-Term?
Did you know that 3 out of 4 adults will need long-term care (LTC) in their lifetime? Healthcare programs will not expand to provide financing for long term care programs. If you find yourself in need of care or assistance with daily tasks (such as personal hygiene, getting dressed or preparing and consuming meals), how are you going to be taken care of? Will a spouse, child or family member be able and willing to 'jump in'? Or, will you opt to move to an assisted living complex or a nursing home? And, who will pay for it?
Thing is, without some type of advance planning, you may not have a say in where you'll live or what kind of care you will receive.
Studies show that 70% of Americans reaching age 65 will need long term care at some point. And the average annual cost for a private room in a nursing home is over $90,000 per year! Are you going to be able to pay this bill?
As you plan for your "golden years," you have three choices:
1. Take your chances and rely on others to help.
You may not only be risking all your assets, but also significantly impact the lives of those who will take care of you. Have you discussed this with the affected family members and considered the emotional impact on them?
2. Be wealthy enough to self-insure.
As you reflect on your assets, keep in mind that the cost of long term care may likely have tripled (due to inflation) by the time YOU need care. Costs are on a steady rise, and those choosing to self-insure need to plan for greater risk over time.
3. Transfer your risk to an insurance company and own long term care insurance.
A long term care insurance policy can cover all of your financial risk, or only a percentage - allowing you to self-insure a portion of the risk on your own. Various plans and options are available and can be adjusted to meet your needs over time. The choice is yours!
However, keep in mind that almost 25% of LTC insurance applicants in the 60-69 age bracket (66% of those ages 80 and above) will be declined due to poor health. It's critical to plan for your LTC insurance while you're still young and healthy enough to qualify!
Our team sees the value of LTC Insurance and has made it a part of our individual protection plans.
We have entrusted Andria Bovey to be our agent!
Andria Bovey specializes in long term care funding. By shopping the marketplace using the latest technology, her clients can learn about long term care from the comfort of their own home or workplace. She designs customized solutions for every client's budget and goals. Andria is LTC partnership certified. In her free time she volunteers in her community and is an avid food and wine enthusiast.
Andria helps people understand the impact of needing care and its effect on American families and their savings. She brings the answers to help people be prepared for the very likely event we each face of being called upon to be a caregiver or actually needing care ourselves one day. Want to stay home if possible? Having a plan is critical today and brings flexibility and choices.