Long Term Care
What is long Term Care Insurance?
Long Term Care Insurance helps people live the way they did prior to the illness or injury. It provides help with bathing, eating, dressing, or perhaps respite/hospice care, adult daycare or care in a nursing home. Most people believe that their Major Medical, Disability or Medicare plans will cover/protect them, but these plans are restrictive and come with limitations and exclusions. This is why a separate Long Term Care policy is purchased.
Who Needs Long Term Care Insurance?
Any one of us may need long term care at some point in our future! People with a prolonged physical illness, disability or cognitive impairment could need custodial care either in their home or within a nursing home facility. This could include someone who had a hip replacement or surgical procedure.
Do you think you will live a long life?
Used to be when you had a heart attack or cancer, you died; now, with technological advances every day, you live! Life expectancy after age 65 has increased to 17.9 years!
Do you believe that you will be healthy and self-sufficient your entire life?
We’d all like to believe we take good care of ourselves and ‘catch’ things before they become a problem, but even those non-life threatening illnesses/injuries can lead to requiring custodial type care.
How are you currently protecting your “assets”?
Your car – through auto insurance
Your house – through homeowner’s insurance
Your family – through life insurance
Your salary – through disability insurance
Your wealth – through life and/or health insurance
Your LONG LIFE — ?????
What does long term care cost?
According to a 2016 survey conducted by Carscout, the average annual costs of long term care for the Chicagoland area are:
Home Health Care- $52,624
Adult Day Care- $18,741
Assisted Living- $52,200
Nursing Home- $82,125 for semi-private room & $94,900 for private rooms.
Keep in mind these are today’s costs, in the next 5 years, we can see an average of 3-5% increase in these areas.
Planning for the unexpected is never easy and that is why we are here to help. Please contact us to set up a time to help protect you and your family.