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There are more of us getting older and living longer. The result—more of us will need some type of long term care during our lives. The government (state and federal) can’t afford to pay for long term care for everyone. So, we need to take personal responsibility and take action now in planning how to finance our future long term care needs.
Statistics show us that:
- 7 in 10 people will use home health care during their lives
- 1 in 2 women and 1 in 3 men who reach age 65 will use nursing facility care during their lives
- The average length of stay in a nursing facility is 2.8 years.
- Over 40% of Americans receiving long term care are between the ages of 18 and 64. (Long term care is not needed just by the elderly!)
Long term care may include home health care, adult day care, assisted living facility care, nursing facility care, and other supportive services. What does long term care in Indiana cost?  If a person receives 2 to 3 visits per week for a year, it will cost approximately $18,000. Care in an assisted living facility can range from $1,800 to $3,000 a month ($21,000 to $36,000 a year). Nursing facility care averages $160 a day, which is over $58,000 a year.
Medicare covers very little long term care. It wasn’t designed to cover it. Medicare Supplement insurance doesn’t cover long term care. It was designed to cover primarily Medicare deductibles and co-insurance. Disability insurance doesn’t cover long term care. Its purpose is to provide income replacement if you can’t work due to a disability. It does not pay for “care.” Traditional medical / health insurance covers very little, if any, long term care. It, too, wasn’t designed to cover it. Long term care insurance was developed to cover the costs of long term care.
Truth is, most of us are going to need long term care at some point in our lives. We have a choice on how we are going to pay for that care.
(A) We can choose to pay for long term care ourselves—using our, or our family’s, income and savings.
or
(B) We can choose to purchase private long term care insurance.
The choice we make today has a direct impact on the choices, options, and quality of care we will have when we need long term care.
And, by the way, not making a choice is, indeed, making a choice. It is choice (A) above.
Read more about the basics of LTC...
For more information, call 1-888-594-8675 or e-mail
maryann@insightltci.com or teresa@LTCindiana.com. |
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I work with numbers and statistics everyday in the insurance field, so I rarely find myself surprised by how others interpret data. I’m sure you’re all familiar with the old joke about how most shark bites occur within 100 yards of shore, which, of course, is due to the fact that most swimmers happen to swim within 100 yards of shore! I have to tell you that I came across some stats recently that really did grab my attention:
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1 in 1200 people will use their fire insurance.
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1 in 240 will use their automobile insurance.
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1 in 3 will use their long term care (LTC) insurance!
Let’s face it, there are more of us getting older and living longer as a result of better healthcare, diet, technology, and a host of other reasons. Medicare was not designed to cover LTC, and neither was disability insurance. The fact is that long term care insurance is the best coverage for long term care needs, and now is the best time for you to investigate all of the options that are available to you now and in the future.
I’m pleased to feature the new ISBA endorsed agents, Mary Ann Hack and Teresa Eagan, in this month’s vendor profile. They bring a wealth of expertise and experience to the membership in this rapidly growing area, so I hope that you’ll take advantage of their knowledge and contact them for a personal consultation for you and the other members in your firm.
Mary Ann and Teresa can be reached by phone at 1-888-594-8675, or by email: maryann@insightltci.com or teresa@LTCindiana.com.
For More Information Contact:
Angela Gorton
VP Association Marketing
Angela@inbar.org
Phone: 877-647-2242
Read the Archived Articles... |
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