Long Term Care Insurance: Take Care of Tomorrow Today
Posted on Thu, Jun 24, 2010
The number one reason for Long Term Care Insurance protection (LTC) is to preserve your assets for your spouse, your children and grandchildren. In 2008 the [national] average annual rate for a private nursing home room was $76,460. The national hourly private pay rate charged by a non-Medicare certified, licensed home health agency for a home health aide was $19. At that rate, would your assets be sufficient to provide for your care and afford you the dignity and control over your care you desire?
Cost of Loss
69% of people turning 65 will need LTC, 52% for at least 1 year; 20% for more than 5 years. If you knew that you had a 69% chance of your house burning down, getting into an automobile accident or being admitted to a hospital, would you make sure you were covered?
Benefits
- offer care at home, in a facility, or adult care
- allow paid custodial care by friends and family in
addition to licensed professionals, with training of
caregivers available - include a cash benefit for additional expenses
- allow provisions for shared care - if you needed more than
your allotted benefit, you can use your partner's - give you protection against inflation
- include "return of premium"
- are tax free
What Are My Options?
- Spend down all your assets
- Depend on family, assuming they have the skills and resources, and are prepared to end their employment to provide full-time care
- Transfer risk to an insurance company to preserve your assets for future generations, and maintain your independence
- Other ways which could include life insurance with an acceleration of benefits rider, annuities with long-term care provisions, reverse mortgages, viatical settlements, etc.
To learn more about Long Term Care Insurance and your other insurance options, please call us at 1-888-803-3537.
