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