Senior Assist 

"It's Your Move...Choose Wisely"

WHAT IS LONG TERM CARE INSURANCE?

Long Term Care insurance (LTC) helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare or Medicaid.

WHO NEEDS LONG TERM CARE INSURANCE?

According to the U.S. Department of Health and Human Services, about 70% of people 65 or older will enter a nursing home during their life time. Knowing this, it is wise to consider how you may pay for long-term care if you or your spouse needs to be in a nursing home. Thought should be given to inheritable family illnesses and what effect that will have on family finances. Consider the average cost of long-term care in the U.S.: (Taken from a 2010 study)

• $205 per day for a semi-private room in a nursing home ($6,235/mo)
  
• $229 per day for a private room in a nursing home ($6965/mo)
  
• $3,293 per month for care in an Assisted Living facility
  
• $21 per hour for a home health aide
  
• $67 per day for services in an adult day health care center
  

With health care costs rising each year, you can be certain these costs have risen since 2010 and will continue to do so. For this reason, it may be wise for you to invest in some Long Term Care insurance so you don't have to pay out-of-pocket for all these expenses. Many people work their entire lives to save for retirement, only to have it erased in a matter of months due to unexpected long-term care costs.

Furthermore, Medicare typically doesn't cover long-term care and Medicaid only covers some expenses IF  you meet their criteria. This is something to consider when you are evaluating your financial options for the future.

WHEN SHOULD I BUY LONG TERM CARE INSURANCE?

This is largely an individual decision that is based on many factors. Many people start thinking about LTC when they approach retirement age, while others start thinking about it when they are in their 40s and 50s. Keep in mind, the younger you are, the lower the monthly premiums.

Also remember, your health history will be scrutinized by insurance company underwriters. The more "dents " in your health, the harder it will be to secure coverage. Those that wait until retirement age to purchase coverage find it to be very expensive and may be declined due to health issues.

However, Senior Assist can mathematically show you that even if paying monthly premiums for decades, your premium payments would be returned in a matter of months, due to the high cost of care.

ARE THERE OTHER ALTERNATIVES BESIDES TYPICAL INSURANCE FOR LTC PROTECTION?

YES! Instead of paying a typical monthly premium for a LTC policy, Senior Assist has other alternatives to "build in" excellent LTC coverage. Just ask!