Long Term Care Insurance FAQ

Posted: Tue Mar 17, 2009 10:34 pm Post Subject:

Are you looking to determine what your long term care needs are going to be for yourself? Or are you also considering taking care of a parent, spouse, or loved one? How old are you currently?

Long Term Care needs are something that many people think aren't going to be important until they reach their "Golden Years." However, I've see on this very forum an example of a 30-something year old who was involved in an accident and was admitted to a skilled nursing facility for rehab and then had care afterwards at his residence.

Long Term Care is not just about nursing homes...it includes nursing home care, home health care, adult day care, assisted living, and respite care. Many of the illnesses that used to be considered "Terminal" are no longer causing death the way they used to. Heart Attacks, Strokes, Etc are leaving people disabled...but alive.

As people are living longer, there are more chronic conditions such as dementia, alzheimer's, arthritis, diabetes, strokes, etc.

In my presentation to a client, I explain that 44% of men who turn 65 are going to require some type of care...and 72% of women will as well.

The question to ask yourself is what effect could some of these issues and some of these types of care have on your family and loved ones? There are so many wonderful programs out with skilled care givers and home health services...and they can do wonders to keep family life "liveable!"

Most people rely on Medicare, but don't realize that Medicare does not pay for assisted living. To give you an idea of the costs that may be involved...it's normally 1500-4000 a month depending on services and depending on location.

Even things such as transportation, meals, homemaker services, etc. can be covered with a long term care policy.

If your long term care costs were ~$80 a day...that would eat up $29,200 a year. The national average is estimated at about $56,000 a year. Could your personal assets really afford these expenses?

The reasons that I suggest someone purchase Long Term Care Insurance are as follows:

1. To preserve dignity and family relationships

2. To avoid being a burden on children or spouse

3. To preserve independence and avoid welfare

4. To protect assets and have an estate for heirs

5. To avoid spending life savings and leave debt


A personalized proposal needs to look at the availability of your family to proivde support, review the types and costs, and also see if you're medically / financially qualified.

If you have any questions...feel free to contact me!

Posted: Wed Mar 18, 2009 02:21 pm Post Subject:

Even things such as transportation, meals, homemaker services, etc. can be covered with a long term care policy.

Posted: Thu Mar 19, 2009 12:49 pm Post Subject:

Well..an assessment of your ltc requirements would be based on your primary needs - both emotional and physical. It would surely involve an evaluation of the following-

* Physical capabilities and medical care necessities
* Emotional and Social requirements
* Environmental requirements
* Financial requirements

Purpleheaded08