Long Term Care

 

 

Why Consider Long-Term Care Insurance? Here are Six Reasons:
1. It protects family relationships.
2. It protects the health of your caregivers.
3. It protects your retirement accounts.
4. It gives you control of how and where you receive care.
5. The risk of needing care is high compared to other risks we routinely insure.

After Reaching Age 65, What Events are More Likely to Happen?
Event Men Women
Major House Fire
395,000 occur annually
2.2% 2.6%
Severe Car Accident
2.9 million accidents annually result in
death or injury
15.5% 18.0%
Becoming physically or cognitively
impaired and needing long-term care
44.0% 72.0%

Source: The 2011 Sourcebook for Long-Term Care Information

Lifetime Risk of Being Diagnosed with Alzheimer’s Disease
Age Men Women
65 9.1% 17.2%
75 10.2% 18.5%
85 12.1% 20.3%

Source: 2011 Alzheimer’s Disease Facts and Figures

Estimated Years of Long-Term Care Needed after Age 65
None 31%
1 Year or Less 17%
1 – 2 Years 12%
2 – 5 Years 20%
5 Years or More 20%

Source: The 2011 Sourcebook for Long-Term Care Information

 

6. The cost of long-term care is significant

Annual Cost of Care Study 2017 by John Hancock

Service

Florida 

Tampa

Indiana

 Indianapolis

Ohio 

Toledo

Homemaker Services*

$41,184

$43,472

$43,564

Home Health Aide*

$30,690

$32,135

$33,740

Adult Day Care Center**

NA

$19,837

$13,002

Assisted Living – Private 1 Bedroom

$42,180

$48,560

$47,507

Nursing Home – Semi-Private Room

$81,176

$81,168

$98,276

Nursing Home – Private Room

$93,850

$95,460

$106,945

*   Based on 8 hours/day, 5days/week; 2015 estimate

** Based of 44 hours/week

 

If you have not protected yourself or your family from a long-term care event, call us at 888-471-4497. We will talk with you to see if long-term care insurance is appropriate. If it is, we have many options available, from long-term care insurance policies, life insurance with long-term care protection and annuities with long-term care protection.

Long-Term Care insurance can be customized to fit most budgets, so call us to see if there is a policy right for you.