|
Long Term Care Insurance
Long Term Care Insurance
What is Long Term Care Insurance? Long-term care insurance is a viable financial planning tool to preserve your retirement income and protect you and your family from the high costs of any potential long-term care event. Understanding Long-Term Care Long-term care is defined as care needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long-term care can arise unexpectedly, often creating a large financial burden. The current average annual cost of long-term care in the United States is about $70,0001 per year. Even for people who have diligently managed their finances and planned for retirement, paying today’s long-term care costs out of pocket can be a financial strain. New Types of Care There was a time when long-term care simply meant a stay in a nursing home. Today, however, long-term care services can oftentimes be delivered in the comfort of your own home or in assisted living facilities that offer all of the comforts of home, but with on-site nurses and lifestyle amenities. Today's retirees want to maintain control over their lives, their health and their care needs as long as possible. Long-term care insurance as a way to help ensure that the maximum amount of care options will be available to you if and when you need long-term care. Did You Know? Average annual cost of long-term care is about $70,000.1 According to the U.S. Senate Committee on Aging, almost half of those receiving long-term care are under the age of 64. Most health insurance programs, including disability income insurance and Medicare, don’t cover long-term care. Long-term care policies often cover 100% of assisted-living expenses that enable you to say in your home. Thirty-six percent of workers had to formally decrease their working hours to care for an aging parent or disabled family member.2 Long-term care premiums may be deducted off your taxes (consult your tax advisor). Long-Term Care Insurance for Members After researching long-term care insurance for our members, we are pleased to have found a respected broker, Capstone LTC Insurance Services to serve you. Their advisors understand long-term care, have the expertise to evaluate your specific needs and can determine which of the nation’s top-rated insurance providers offer you the best value. Call us at 877-495-1600 or inquire at any branch to have a Capstone advisor contact you with more information about your options visit our Capstone LTC Insurance Services webpage. .
1. Mature Market Institute 2004 Survey of Nursing Homes and Health Care Costs |
