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Long Term Care Insurance

Long Term Care Insurance

Long term care insurance can be an affordable way to help protect your family and your assets from the high cost of long-term care, which is soaring each year. Even with substantial finances, long-term care can quickly deplete a family’s emotional and financial resources. It is not unusual to go through $100,000 a year.

Chances are, you will require some level of long-term care in your lifetime.

With aging come a number of health conditions: from arthritis and hip problems to more serious challenges like Alzheimer’s, Parkinson’s, and strokes. The statistics speak for themselves:

  • Approximately 70 percent of people over age 65 require some form of long-term care and more than 30 percent will receive some nursing care in their lifetime.*
  • The average DAILY cost of a private nursing home room in 2010 was $247 – or $90,155 annually – a 14 percent increase in just two years.*
  • Home health care costs increased 13 percent form 2008-2010 to an average daily rate of $190 – nearly three times the growth from 2006-2008.*
  • By 2050, the number of individuals using long-term care insurance in any setting – at home, residential care such as assisted living, or skilled nursing facilities – will likely double.**

Medicare typically does not cover long-term care.

It’s important to keep in mind that most major medical plans do not cover long-term care. Medicare may cover some nursing home care, but only for a limited time, and the program may undergo more modifications. And to be eligible for Medicaid, you must meet strict low-income guidelines, including spending most of your assets first. The onus is on you to prepare for your long-term care.

The earlier you get long-term-care insurance, the more affordable it is likely to be. Let BeamaLife help you obtain the best value from our top-rated companies. Please call (800) 554-7822 to speak with certified and experienced advisor or complete the “No Obligation” quote request form now.

*Long-Term Care Cost Study – Prudential Research Report 2010

**Department of Health and Human Services

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