Réne "Rainy" Girard, Owner
2000 E. Lamar Blvd., Ste 600
Arlington TX 76006
Tel: (817) 789-6100
Toll Free: (800) 980-0342
Long-term care is expensive and becoming more expensive. The rising cost of long-term care, coupled with an increasing array of options, can make it difficult for families to find the best, affordable care.
Long-Term Care Insurance is an additional form of Health Insurance that provides the finances necessary to provide for daily care when you are unable to perform at least 2 of the 6 Activities of Daily Living (ADLs) for a period of at least 90 days.
Why is Long Term Care Insurance SO Important?
It's estimated that at least 60 percent of people over age 65 will require some long-term care services at some point in their lives. The survey also found that 84 percent said they don't feel financially prepared for LTCI. And this is almost surely an understatement for two reasons.
First, contrary to what many people believe, Medicare and private health insurance programs don't pay for the majority of long-term care services that most people eventually need, such as help with personal care such as dressing or using the bathroom independently.
Second, when asked to estimate how much costs would increase by 2030, the average estimate put the figure at 56 percent. Based on historical data, by contrast, the costs are estimated to rise 123 percent.
So planning is essential for you to be able to get the care you might need. Yet despite the obvious need, LTCI is often overlooked as a crucial planning tool. It's estimated that perhaps only about 10 percent of the over 70 million baby-boomers actually have a policy that will cover the costs of long-term care.
Without incorporating the potential need for long-term care into a plan, individuals and families may unfortunately face the need for long-term care without the necessary tools, resources, or knowledge.
Long Term Care does NOT necessarily mean "Nursing Home" Care. With
the right policy, Long Term Care can take place in the comfort of
your own home. That way, the need to leave your home (or maybe even
sell your home) can be an absolute last resort.
If your physical problems are short-term (i.e. from a temporary illness or accident) then long-term care insurance will not pay; however, disability or critical care insurance will pay - so it could be important to have both types of coverage.
Most long-term care isn't medical care, but rather help with basic personal tasks of everyday life, sometimes called activities of daily living. Medicare doesn't cover long-term care (also called custodial care), if that's the only care you need. Most nursing home care is custodial care.
The long-term care community measures personal needs by looking at whether an individual requires help with six basic activities that most people do every day without assistance, called Activities of Daily Living (ADLs).
The Activities of Daily Living are a series of basic activities performed by individuals on a daily basis necessary for independent living at home or in the community. There are many variations on the definition of the activities of daily living but most organizations agree there are 5 basic categories.
Whether or not an individual is capable of performing these activities on their own or if they rely on a family caregiver to perform the ADLs serves a comparative measure of their independence.
Long Term Care Insurance Cost
A 40 yr old in near perfect health may acquire a LTCi policy for $100/month. Expect rates to increase with age, poor health, and greater coverage - but even $200, $300, $400+ per month is better than paying $3000-$7000 out of pocket every month for years.
Can I Be Turned Down For Coverage?
Yes indeed. That is why it's better to get coverage while you are healthy, or semi-healthy, and can budget monthly premiums. Remember: When you look at "average" prices for your city and state, do you want to receive "average", or below average, or above average care? What have you done to ensure you receive that type of treatment?
What If I Don't Qualify?
There are options and alternatives to consider. Long Term Care Funding may be an option worth looking into. Way too many people let their life insurance policy lapse because they can not afford the premiums. Little do they realize that it could have provided much needed funds while they are still alive - even if the policy has no cash value.
Watch this short video to understand the concept:
About Hesed Insurance Solutions
If you're looking for an independent insurance agent or financial advisor, someone who cares about saving you money, reducing your taxes then you found the right place. Let us help you with any of the following financial planning products: Health Insurance, Medigap Insurance, Life Insurance, Long Term Care Ins., In-Home Care Plans, Savings, Income, Invest, Discount Payouts, Retirement Plans, and Charitable Giving Plans.
Contact Us Today!
For more information about LTC Insurance or any of the other financial planning products, please call (817) 789-6100 or Toll Free: (800) 980-0342 or complete our Request for Information fform below. We'd love to hear from you!
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