Long Term Care

Why it’s important?

According to the associated press, “For the two-thirds of Americans over 65 who are expected to need some long-term care, the costs are increasingly beyond reach. The median bill for a private room in a U.S. nursing home now runs $91,000 a year, according to a report from the insurer Genworth Financial. One year of visits from home-health aides runs $45,760.”  The costs for care continue to rise; up almost 25 percent between 2012 and 2014.

• Protects Assets
  • Long-term care needs are amongst the top causes of bankruptcy for seniors
• Maintains quality of life
  • Provides the financial support to pay for in-home care
  • Provides the financial support to choose a QUALITY facility, should that need arise
• Alleviates burden for loved ones
  • When a family member is in need of ongoing custodial care, family members and loved ones are faced with tough decisions about what to do
  • Long Term Care insurance removes a great deal of the doubt about the desires of the person who needs care, and provides a road map
    • Long Term Care insurance provides the financial assistance so decisions are made based on the best interest of the person in need, with less emphasis based upon the cost of the care
  • Sandwich Generation – a generation of people, typically in their thirties or forties, responsible for bringing up their own children and for the care of their aging parents
    • LTC allows loved ones to assist administratively without having to physically provide hands-on care
    • Even if the family is ok with providing hands-on care, it’s not possible for caregivers to around 24 hrs. per day