Long Term Care Insurance


Long Term Care (LTC) is probably the most misunderstood type of insurance on the market.  That's because it's been mis-represented as 'old folk insurance' for far, far too long - even by the very insurance companies that really should know better.  Of all the elements involved in long term care, age is not one of them.  Of course, roughly 68% of Americans will need LTC services at some point in their lives - according to the Family Caregiver Alliance some 37% of those LTC claims will be made by PEOPLE UNDER THE AGE OF 65.

How could young people need Long Term Care?  Simple:
  • car accidents
  • skiing accidents
  • around-the-house accidents
You get the picture.  So just what IS LTC, anyway?  Basically, it's the kind of care you need when you can't perform certain activities of daily living (aka the ADLs) by yourself, namely:• 
  • Bathing: The ability to sponge bathe or get in and out of bath tub or shower.
  • Eating: The ability to feed oneself by getting food into the body or by a feeding tube. 
  • Continence: The ability to maintain control of bladder and bowel functions.
  • Toileting: The ability to get to and from the toilet and perform associated personal hygiene.
  • Dressing: The ability to put on and remove all items of clothing and any braces or artificial limbs
  • Transferring: The ability to get in and out of bed, chair, or wheelchair. 

So why do you need to pay money for LTC insurance?  Well, maybe you don't. Just ask yourself who do you have who will be there to help you go to the toilet if you can't manage it for yourself. Who will help you clean yourself - not just once, but every day for months on end.  Feed yourself? Dress yourself?

Short list, isn't it?

So figure that if you don't beat the odds you'll have to pay someone to provide those services for you.  According to Genworth - an insurance company that's paid out over $6.7 billion in LTC claims over the years - the median cost even for home care services is over $51,000/year in California.  If you do need to relocate to a nursing home expect to spend around $104,000/year for a private room. 

Wondering now if LTC might be right for you?  Let's find out.  Just give me a call.  I really am here to help.


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