There is no question that most Americans are living longer, and that means our later years can create financial concerns for our families and ourselves. Healthcare services for seniors can be expensive. For example:
· Assisted living $42,600
· Nursing home $90,000
· Home Health Aid $20,800
About 18% of people end up in assisted living, 51% with in-home health care, and 31% in nursing homes.
The hardship of the unpaid caregiver
For those who provide unpaid care giver services there is a cost as well. These costs can include lost time from work, used vacation time, early retirement, relocation, and reduced work hours.
There is a reasonable solution
Long Term care insurance can provide your family with the resources that will allow your loved ones to obtain the best care possible, while not causing financial hardship on the family.
Home care services allow you to live in your own home, or to return to your home by helping you complete daily tasks that you cannot manage alone.
Adult day care is an option that provides a program of therapeutic and social services in a group setting.
Facility care services include assisted living facilities, which offer on-site support for carrying out the activities of daily living.
Long Term Care Insurance Coverage Features
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Flexible Payment Options
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Allows you different payment options
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Lifetime benefits
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Selected coverage can continue till end of life
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Inflation guard
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3% or 5% inflation protection
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Discount pricing
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Some companies offer discounts for employer or association plans
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Daily Benefits Options
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Daily benefit can run between $50 to $300 per day
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Federally Tax Qualified
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Many plans are tax qualified
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Coverage varies between insurers, please contact us for a free detailed quote based on your needs.
Case Study
Dan and his wife, Melissa, had watched his parents transition from living an independent and active lifestyle to needing assistance with basic daily activities (bathing, dressing, etc). Dan’s parents had an LTC policy with a limited benefit amount. Dan’s mother, who needed care for many years,
exhausted her benefits and was left to pay for care via her savings and income.
Solution
Dan and Melissa’s agent designed an Essential LTC policy that included a Shared Benefit Amount
rider. This provided a third benefit pool, available to either or both of them, if they exhausted their
benefits under their respective base plans. With the knowledge that each of them could have
additional benefits, if needed, Dan and Melissa look forward to sharing a comfortable retirement!