Long Term Care

Why is the need for long term care growing:

  • An aging population – the baby boomers have started to hit 60 and beyond;
  • Managed care is forcing more people into assisted living and nursing homes and out of the hospitals;
  • Family Changes: We are a nation whose children and grandchildren, for the most part, are not in close proximity to a parent who needs care.


What are some Major Myths about Long term care:

  • I’m too young
  • I’ll never go into a nursing home
  • Medicare, Medicaid and my health insurance will pay for it
  • My spouse, significant other or my children will take care of me


Some sobering truths:

  • 46% of the people in assisted living or nursing homes are working age adults under the age of 65
  • Only 18% of all people over the age of 65 go to a nursing home, that does not include those who stay at home with home health care or adult day care or go to an assisted living facility
  • An average cost for long term care in Metropolitan Washington D.C. is $83,000 per year and rising geometrically as the population ages and puts pressure on the facilities for beds and staff
  • An average assisted living facility costs $58,000 per year
  • Home health care ranges from $125 – $200 per day. That’s more than $55,000 per year
  • The average stay in long term care for a man is 4.5 years and women 6.5 years
  • An average stay of 3 years at today’s rates would cost you $249,000. If you started saving $4,400 per year at age 55 and continued for 30 years earning 7% interest you would have enough money to pay for 2 years of care based on today’s rate of inflation
  • 70% of all single people admitted to a nursing home go broke within 3 months. 50% of all couples are impoverished within 6 months after one spouse is admitted.” The Wall Street Journal


Who pays the rest????


Long term care insurance plans continue to change with the demands of the times. No longer are they only for nursing homes, or only for home health care. Now you can have an insurance policy that allows you to draw from the principal before you die to pay for long term care; you can add a return of premium on some plans that will give the premium you paid to your beneficiary if you die before using the plan. You can purchase annuities with long term care provisions. The options are now almost as plentiful as the plans.

Long term care is one of the most important insurance decisions you will ever make to protect your assets, the assets of your children and spouse, to maintain your quality of life. It is an insurance plan that requires study and investigation on your part and the part of your agent to find something that is suitable to your pocketbook and your long term needs. It is not something that should be an impulse buy.  

One of my criteria for selecting companies to represent is that they have very strong financials; that they have been in the long term care business for a considerable time and that their plans become adaptable with the changing needs of our day.

Suggested reading before contacting any agent should be:

  • A Shopper’s Guide to Long Term Care Insurance, published by the National Association of Insurance Commissioners. We will make it available to anyone who requests a copy.
  • Long Term Care Insurance: The Essentials: Published by Metropolitan Life Insurance Company of NY. Also available to anyone who requests a copy from this website.
  • Consumers Guide to Senior Health Care: Published by Research Press


Are you ready ? …. If not, or if you are just exploring, please continue on and visit some of the companies we represent.
Call us for a free consultation on your needs.

To Get a Quote for Long Term Care Click Here!!

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