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Long Term Care Insurance

Are you prepared for long-term care expenses? At least 70% of people over the age of 65 will require some form of long term care services and support during their lives.* While most people think of long-term care as impacting only those in senior years, 40 percent of people currently receiving long term care services are ages 18 to 64.** Failure to plan ahead may put your retirement lifestyle at risk. The average annual cost for long-term care in a nursing home in Florida is $80,300 for a semiprivate room and $91,250 for a private room. **

Long-term care is not simply one service. It has many different benefits designed to help an individual who cannot care for himself / herself as a result of an illness, an injury, or general diminishing of functions. This is different from traditional medical care which is designed to correct certain medical problems. Long-term care services may include helping with activities of daily living such as dressing, bathing, eating, toileting & mobility.

Long-term care is a combination of nursing home coverage and home health care. One of the first steps is to select the daily benefit amount you will receive. These benefits will be payable for 1 year, 2 years, 3 years, 5 years or lifetime. You must wait a certain period of time before you are eligible to receive the benefits. This is called the waiting or elimination period. Most policies offer 0 days, 30 days, 60 days, 90 days, 180 days or 365 days.

Long-term care insurance allows you choices in care and services. It also assures that price does not jeopardize your family’s financial future. We can help you prepare for this time while helping you feel confident that you have a plan. Please call us to discuss some of the options available. It’s better to say “I’m glad I did” rather than “I wish I had.”

* 2016 Medicare & You, National Medicare Handbook, Centers for Medicare & Medicaid Services, September 2015

** Genworth 2015 Cost of Care Survey