LONG TERM CARE
Long Term Care insurance provides a variety of services that include medical and non-medical care to people who have a major illness, injury, or disability. Long Term Care insurance helps meet health or personal needs, including, but not limited to activities of daily living such as dressing, bathing, and using the bathroom. Long Term Care can be provided at home, in the community, in an assisted living facility, or in a nursing home. It is important to remember that you may need long term care at any age.
"It is impossible to know if and when you will need Long Term Care insurance, however here are some statistics that may help when considering a policy:
Life expectancy after age 65 has now increased to 17.9 years, up from 1940 when life expectancy after 65 was only 13 extra years. The longer people live, the greater the chances they will need assistance due to chronic conditions
About 12.8 million Americans of all ages require long term care, but only 2.4 million live in nursing homes
About 44% of people reaching age 65 are expected to enter a nursing home at least once in their lifetime. Of those who do enter a nursing home about 53% will stay for one year or more"
(A Shopper's Guide To Long-Term Care Insurance, NAIC Rev. 2006)
The decision to buy long term care insurance is a very important one and one you should not make in a hurry. It requires careful planning and review of your options, especially when it comes to the choice of your Long Term Care Insurance carrier.
It is important to think about long term care coverage before you need care or before a crisis occurs. Even if you plan ahead, we understand that making long term care decisions may be difficult.