Long Term Care

What is Long Term Care?

As we age, the likelihood we will need some type of medical or personal care increases. These variety of services help meet the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods of time. Such services typically include assistance with normal daily tasks like dressing, bathing, and using the bathroom. Long Term Care can be provided at home, in the community, in assisted living facilities or in nursing homes.

On average the need for long term care services lasts months or years and can be very expensive.  The costs of Long Term Care on average exceeds $50,000 per year (www.longtermcare.gov) and generally speaking, Medicare, Medicare supplement insurance and basic medical insurance plans do not cover the cost.

Don’t Wait – Now is the Time!

We won’t admit it but NOW is the time to start planning for our long-term care needs. Seventy percent of people turning 65 can expect to use some form of long-term care during their lives. The cost of services often exceeds what you can afford to pay from your income and other investments. These plans also become more expensive the longer you wait to purchase. 

Why is planning ahead for Long Term Care so important?

Consider the following:
* Not relying on children or family with care giving responsibilities
* Protecting your retirement assets
* Ensuring that critical choices remain yours

Common Misconceptions

  1. Most people think they are covered for Long Term Care, but these benefits are unique to this plan and are not offered through any other coverage. 
  2. Medicare and Medicaid do not generally cover Long Term Care.
  3. While Long Term Care is often the benefit of the elderly, younger people are known to require it as well.
  4. Long Term Care can help ease the financial burden of family and friends who incur the cost of nursing homes, assisted living, or in-home care. 
  5. These plans can be tailored to meet your budget limitations. 
  6. Hybrid Long Term Care Insurance exists and has additional support and financial benefits that may work for you and your family.