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Long Term Care

Secure Your Future With Careful Planning

You’re on the verge of what may be some of the best years of your life. With work and family responsibilities nearly behind you, you’ll finally have the time to do the things you’ve always wanted to do. As you look ahead to the future, have you thought about how the need for long-term care could impact your plans?

What is long term care?

Long-term care is the type of assistance you may require, as the result of a physical or cognitive impairment that prevents you from independently performing some of the basic tasks of daily living, such as eating, bathing, or dressing. Since most of us are living longer the potential need for long-term care should not be ignored.

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Consider These Facts

It’s estimated that 70% of people over age 65 will require some period of ongoing assistance or supervision, due to physical or cognitive impairments:

  • The national average cost for one year in a nursing home exceeds $85,000
  • The national average cost for one year of home care is approximately $31,200
  • The cost is estimated to rise to over $286,000 a year in 30 years

What Is Your Plan?

You need to ask yourself, how you would pay for care, should you ever need it. You may mistakenly believe that you’re already covered by health or disability insurance, or that government programs will cover the bills, but that may not be the case:

  • Medical and disability insurance do not usually pay benefits for long-term care
  • Medicare has stringent requirements, which most long-term care scenarios do not meet
  • Medicaid requires you to spend down your assets to certain levels and often limits where you can receive care

What Are Your Options?

  • You can self insure if you have enough resources to cover the cost of care, but costs are very high and difficult to predict.
  • If you feel that you may be in a position to self insure you might consider an Asset Based Long Term Care Solution to provide unlimited lifetime benefits.
  • You may consider the purchase of long-term care (LTC) insurance to protect your assets, by covering long-term care costs in a variety of settings, including your own home.
  • Regardless of your economic circumstances, the most important thing to do is plan.