Long Term Care

About long-term care insurance

Why people buy long-term care insurance
A long-term care insurance policy allows you to feel confident about your future and provided you with resources to help cover the cost of long-term care. The America’s Health Insurance Plans, 2007 National Survey, states the following reasons why people purchase long-term care insurance:

  • Minimize their financial exposure and take responsibility for protecting their assets.
  • Avoid being a burden on loved ones.
  • Enhance their choices and independence to receive care in the setting they prefer.

What is covered?
Long-term care insurance helps pay for care services when you need help with normal daily activities, such as eating, bathing, and moving around. Long-term care insurance also covers supervision due to a cognitive impairment such as Alzheimer’s disease. A long-term care insurance policy provides for different types of care in a variety of settings:

  • Skilled care– includes nursing care and physical, occupational, respiratory, and speech therapy from licensed professionals that may or may not be received on a daily basis.
  • Custodial care– is the most widely used type of care, and includes help with day to day activities such as eating and dressing.

How much coverage will you need?
When thinking about your coverage options, it is important to take the following into consideration:

  • Level of assets– you want to protect. Long-term care should be a factor in your overall retirement planning. Because needs, resources, and situations differ, our professionals will guide you through the different long-term care options and products to determine what is right for you.
  • Current cost of care– of where you live or plan to retire. Whether you plan to move to a warmer climate or closer to loved ones, the cost of care varies by state and by region. Where you wind up is an important factor in determining the amount of coverage you will need.
  • Length of time– research from the center for retirement research found that people need assistance for an average of three years. You will want to take into consideration your health and family history of illness that may require you to need care for a shorter or longer period of time.
  • Inflation protection– will help your benefits keep pace with the rising cost of care. Even the most proactive planners could come up short if they don’t account for inflation in estimating their long-term care needs.

What is Long Term Care?
Who needs long-term Care?
Where is long-term care provided?
The cost of care
Are you already covered?
Planning for long-term care
Who needs protection?
The right time to buy
The cost of waiting to buy