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Long Term Care Insurance

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Long Term Care Insurance

Statistics show that more than half of the total U.S. population may one day need Long Term Care. Such care is provided when someone can no longer independently carry out essential everyday activities like eating, bathing, dressing, etc. Most people think of long term care as something needed by older people, but an accident or illness can strike anyone. When it does, they too may find themselves in need of assistance.

Nursing homes provide the kind of around-the-clock care that is usually beyond the physical and emotional resources of families and friends. Those who need care beyond what they can receive at home but not requiring the level of care provided by a nursing home may find the answer in assisted living or other residential care facilities.

Home health care includes a multitude of medical and personal services provided in your own home, making it possible to retain a measure of independence and receive care in a comfortable, familiar environment. Home health care is available through hospitals, home health care agencies and public health departments. It encompasses services provided by nurses, therapists and home care aides, including:

  • Health care: nursing, social work, physical and rehabilitative therapy, medication monitoring and medical equipment
  • Personal care: assistance with personal hygiene, dressing, bathing and exercise
  • Nutrition: meal planning, cooking and meal delivery
  • Homemaking: housekeeping, shopping and household paperwork
  • Social and safety needs: transportation services, companions and a daily telephone check

Long Term Care services are so expensive that many people risk losing their life savings within a year of having such care. A year in a nursing home can cost from $40,000 to $80,000, depending on the area of the country. Even a temporary stay in a nursing home can derail years of careful financial planning. Insurance experts estimate that about one-third of all Long Term Care services are paid for by individuals out of their own savings or investments. The funds may come from pension plans, employee stock ownership plans, single premium annuities, the cash value of life insurance or savings.

Long Term Care plan designs can be very complex. We have experience in assisting employers and associations to offer the most beneficial and affordable group rate coverage to their employees and members. Determining which plan design to offer is often the best first step in determining how to offer a Long Term Care Program.