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Long Term Care Insurance
Coverage we can't afford to ingore
As we age, we become susceptible to many conditions and illnesses that either threaten our lives or require constant medical attention. You have life insurance to protect your assets and your family if you do not survive. How will you protect them if you do?
Long term care insurance is for the living. It not only protects your assets, it gives you access to the quality care you deserve and shields your loved ones from the financial burden and emotional stress of being a caregiver.
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WHO NEEDS LONG TERM CARE?
Anyone who suffers from a condition or illness that limits their ability to function independently.
Long term care is for anyone who needs assistance or supervision performing normal daily activities such as bathing, dressing, eating, toileting or getting out of bed. The need for long term care can arise from physical limitations or a cognitive impairment such as Alzheimer's Disease. It can also be a result of the normal aging process.
Long term care can be provided at home, a nursing facility, assisted living center or alternate care facility.
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MY FAMILY WILL TAKE CARE OF ME
Of course they will because they love you. However, have you considered what it will do to them financially and emotionally?
In a recent study, more than 1/3 of caregivers to persons age 50 and older reported quitting their job or reducing their work hours (and thus pay) in order to continue caring for an aging loved one. In the same study, caregivers reported spending an average of $5,531 out of pocket in a single year and long-distance caregivers reported spending $8,728.
-AARP Public Policy Institute, Valuing the Invaluable: The Economic Value of Family Caregiving, 2008 Update
Typically, caregivers have spouses and children to care for as well as their aging loved ones. If you have ever been in a caregiving situation, you probably understand the financial, physical and emotional toll it can take.
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IT WON'T HAPPEN TO ME. IF IT DOES, I CAN AFFORD IT.
You also may not believe your house will burn down in a fire; but you have insurance just in case it does.
We believe we will live a long life and that is why we try to prepare for retirement. Unfortunately, too often, retirement savings are used to pay for long term care.
The annual cost of long term care in the Chicagoland area in 2009:
Nursing Home
Private Room: $77,198
Semi-Private Room: $66,430
Assisted Living Facility
Private, One Bedroom: $46,398
Adult Day Health Care Facility Adult Day Care: $16,120
Home Care
Medicare Certified & Licensed: $125,840
Licensed Only: $45,760
Homemaker Services
Licensed Only: $44,616
Genworth 2009 Cost of Care Survey conducted by CareScout
Even if you can afford to pay for long term care, it makes smart financial sense to protect your assets.
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I CAN NOT AFFORD LONG TERM CARE, BUT MEDICAID OR MEDICARE WILL PROTECT ME
Medicare wasn't designed to adequately pay for home care, adult day care or assisted living care and it only pays a portion of nursing care (up to 100 days and only for skilled or rehabilitative services).
Medicaid is solely for people who meet their state's poverty guidelines. If you do not, you must spend down your assets and savings to $2,000.
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HOW DO I FIND OUT IF LONG TERM CARE INSURANCE IS RIGHT FOR ME?
Call us today at 847-784-8549. Our long term care insurance experts will be happy to talk with you about benefits, options, and provide you with a comparison.
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