Long term care insurance: A simple and affordable option
The Long Term Health Care Solution
In 2007, long term care insurance paid out $3.5 billion in benefits. That's $3.5 billion (yes, billion) that consumers like you didn't have to raid their retirement accounts for.
You've already seen the numbers. It doesn't matter if you look at the government's statistics, AARP's statistics, or those of any consumer or senior advocacy group. They all tell the same story.
According to federal statistics, if you live to be 65, you have a 60% chance of needing long term care at some point in your life. 1 in 4 people who reach 85 will live in a nursing home. 1 in 10 people over 65 will get Alzheimer's. Over 85? 1 in 2 (U.S. Office of Personnel Management, June, 2004.) Average nursing home cost? $61,000 a year (Reuters, 12/13/04.)
Why not transfer that huge risk to an insurance company? You transfer much smaller risks, by purchasing auto and home insurance.
The two big myths of long term care insurance
"The government will pay for it"
First of all, Medicare doesn't pay for custodial care, which is a majority of long term health care provided in the U.S. Custodial care is care that helps you with activities of daily living. Medicaid (Medi-Cal in California) is a State and Federal Government program that pays for certain health services and nursing home care for older people with low incomes and limited assets.
If you have virtually no assets, this could be an option for you and you shouldn't apply for long term care insurance. As for the Health Care bill that's currently in legislation, we're not holding our breath. The government is not in the business of protecting your nest egg or providing you with options.
"Long term care insurance is too expensive"
If you've waited too long, or you already have health problems, you may be right. Besides being expensive, you may not even qualify. But if you're in relatively good health, and are under age 75 (especially if you're in your 50's or 60's), long term care insurance can be very affordable.
As long term care insurance specialists, we can show you ways to decrease the cost and still transfer the biggest risk to an insurance company.
Long term care insurance options
Remember, we're an independent agency. We can offer you what insurance companies can't: unbiased, research-based information. We can give you choices made up of the best plans from the best companies.
If you'd like to see just how affordable and simple long term care insurance can be, please fill out the following form. One of our senior specialists will contact you shortly to help answer your questions and give you some choices. No pressure and no obligation whatsoever. Make your decision based on facts.