Long Term Care Insurance
Long-term care (LTC) insurance is a type of insurance that covers long-term care needs that typically arise from some type of disability, and it can help you afford the costs of ongoing care should you need it. Long-term care includes a spectrum of services that are designed to care for an individual’s personal needs — typically for an extended period. This need for care can happen suddenly, brought on by an accident, medical emergency such as a heart attack, or gradually as one’s health begins to decline. Either way, long-term care assistance allows people to live as securely and freely as possible when they can no longer perform certain activities on their own. Activities of Daily Living (ADL’s) Include:
Eating – Bathing – Dressing – Transportation – Grooming – Continence
As long as the services are custodial in nature, the services can be given in various places. Those include at home, a nursing home, a hospice, an adult day care facility, or an assisted living facility.
Reasons to consider buying long-term care insurance:
• You have many assets and/or a good income.
• You don’t want to spend most or all of your retirement income to pay for long-term care.
• You can afford to pay the insurance premiums, including possible premium increases.
• You don’t want to burden family or friends.
• You want to keep your independence and be able to choose where you receive care.
Can you afford Long Term Care?
Assisted Living Facility
Costs In 2018, assisted living facilities reported charging $4,000 a month (for a one- bedroom unit) on average, or $48,000 per year, including rent and most other fees. Residents may pay more for additional care. *
Nursing Home Costs In 2018, the national average cost of nursing home care was about $89,297 per year (for a semi-private room). This cost doesn’t include items such as therapies and medications, which could greatly increase the cost. *
Seniors aged 65 have a nearly 70% chance of requiring long-term care services in the future which means everyone should take a hard look into Long-Term Care insurance. LTC Insurance can protect you and your family from stress and financial ruin while paying for your necessary care.
At Matherne Insurance & Financial Services we help you choose how and where you want your Long-Term Care to take place. Please fill out the form below or call our office at (337.433.3064) to decide if LTC Insurance is right for you.
*Source: NAIC Long-Term Care Buyer’s Guide for Consumers