Long-Term Care Insurance – Helps You Plan For Your Future

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Long-Term Care Insurance – Helps You Plan For Your Future

Long-term care insurance is a necessary part of responsible planning for your future. Most people spend their lives planning for the best quality of life. Quality of life is different for everyone. One may want to sit on the beach while others would rather play tennis or golf. We work hard to provide for the best quality of life while we are young and physically active. When it comes time to think about planning for our future when we may or may not be as physically active something amazing happens. The planning usually stops and goes into coasting mode.

Coasting? What does that mean? It means that most people go into denial and just plain do not want to think about planning for a time when they may need some kind of assistance with their daily activities. The next is that without any education most think that long-term care insurance is just too expensive. Another reason no planning is done is procrastination. It is easy to procrastinate about purchasing long-term care insurance today because you feel great at this moment and so it can wait.

According to the Employee Benefit Research Institute (EBRI), it is expected that a married couple at age 65 in 2008 without employer-based retiree health benefits, will need $194,000 in savings to have a 50% chance of having enough money to cover Medigap premiums. Medicare Part B premiums, Medicare Part D premiums and median out-of-pocket prescriptions drug expenses throughout retirement.

To have a 75% chance of having enough money to cover these expenses they would need $253,000, and to have a 90% chance they would need $305,000. If out-of-pocket drug costs are higher, the savings needed would increase. These savings do not include what might be needed for any long-term care expenses.

The expense of a Long-term care insurance policy seems insignificant to what it costs today for long-term care.

It is important to understand what long-term care is. It is care that is needed above and beyond the time period that is covered by Medicare or any major medical insurance. It includes intermediate or custodial care (not covered by Medicare) and can be performed in many different settings such as in your own home, adult day care, respite care, assisted living and in a nursing home.

According the Met Life Mature Market survey, the national average daily rate for a private room in a nursing home is $213 or $77,745 annually. The annual premium is more affordable than spending anywhere from $3000-$7000 a month for care. Doesn’t it make sense to pay a premium averaging $900 to $2000 per year now than pay huge amounts later which may jeopardize your families lifestyle both financially and emotionally.

The bottom line is America needs to be educated in long-term care financing and planning. The best way is to consult with a Long-Term Care Specialist. A Specialist who has additional education and training (LTCP, CLTC) in long-term care planning as well as being State Partnership certified.

An independent Long-Term Care Specialist shows no bias toward any one company. He knows the language of the policies, knows the different features of the different companies so he can help you compare the different plans. His goal is to educate first and then design (with your help) a plan that fits your budget and situation.

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