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Long Term Care Insurance: Who Needs It?

Friday, April 28, 2017- by Bob Loomis

Those with Something to Lose …… CASH (Savings, retirement funds, your “prized possessions”). Here is all you need to know about Long Term Care Insurance!

3 Basic Ways to Pay for Long Term Care:

  1. CASH
  2. MEDICAID – spend down to poverty levels
  3. Long Term Care Insurance

Here are typical statistics:

  • 5 in 1000 will suffer a house fire
  • 70 in 1000 will have an automobile accident
  • 600-700 in 1000 will require some form of long-term care in their lifetime. “Where?” you ask. Most will want to stay at home as long as they can.

Do these policies insure for home care services?

YES, they also cover you for adult day care, assisted living and nursing home facilities, home modifications, and much more.

How do you qualify for policy benefits?

Your physician would certify that you have severe cognitive impairment OR that you need “hands- on” or “stand- by” assistance with 2 of 6 activities of daily living (ADLS; dressing, eating, transferring toileting, bathing and continence.)  This is all chronic custodial care, none of which is covered by traditional health insurance or Medicare. Too many people do not understand and unfortunately find out they must pay for this expensive care.

How expensive is long term care insurance?

CT is the second highest state (behind Alaska) for Nursing Home Care, averaging $425-$450/day, with many reaching $450-$500/day. Assisted Living facilities have a range of $5000-$9000/ month, the higher amounts requiring severe forms of dementia.

When should you consider long term care insurance?

You’re never younger or healthier than you are today. You may qualify for “preferred” discounts, and couples and partners get substantial discounts applying together. Medical underwriting today is much more stringent; too many people procrastinate and are now “declined” due to more recent medical history. At least LEARN about these policies NOW. You will be pleasantly surprised. Many in their late 40’s are now selecting policy benefits that are within their budgets. More children of parents receiving long-term care are realizing the various costs of care and are now getting their own policies.

WOMEN: BEWARE!

You are the vast majority of home care providers for spouses, siblings and friends and ultimately the recipients of care. You live longer and are mostly the residents of assisted living and nursing home facilities, where the costs of care are much higher than at home.

I have been servicing long-term care insurance for many years. I strongly urge you to look into getting some of this insurance. You might consult with your insurance agent if he/she specializes in this valuable insurance, or you may contact me with questions and/or information. This has been my focus since 1989.

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