Learn about Long Term Care Insurance

We insure our homes, our cars, and even our Apple phones, & Androids – shouldn’t we insure for a potentially devestating cost for long term care, and extended care? Extended care is not a place or a condition, it is a life-changing event as well as a family issue.

What does Long Term Care Cost?

If you are choosing the self funding option for long term care, care/ extended care,  it  will cost you today $2,000-$12,000 per month out of your pocket.

The impact of an unexpected need for care has serious, if not irreversible consequences, to families and their ability to keep future financial commitments.

If your adult children are going to be the caregivers keep the following in mind:

  • Among working caregivers caring for a family member or friend, 69% report having to rearrange their work schedule, decrease their hours or take an unpaid leave in order to meet their caregiving responsibilities.
  • The cost of informal caregiving in terms of lost productivity to U.S. Businesses is $17.1 to $33 billion annually.  Costs reflect absenteeism ($5.1 Billion), shifts from full-time to part-time work ($4.8 Billion), replacing employees ($6.6 Billion), and workday adjustments ($6.3 Billion).

How you Qualify for Benefits

What is long term care/extended care?  It usually takes place when we are older and helps us get through our daily activities:

The 6 activities of daily living(adls) are the following:

  • Getting out of bed
  • Toileting
  • Bathing
  • Dressing
  • Feeding ourselves
  • Memory/dementia

The trigger for using your long term care insurance policy is when any 2 of the 6 adls come into play.

The Sweet Spot

Long term care insurance provides the funds$$$ to help you and your family better & longer!

When is the best time to purchase long term care insurance??

  • The sweet spot to purchase long term care insurance is between ages 30-65.  The saying in the insurance business is “you are never as young or as healthy as you are today”
  • When you purchase in 30-65 time frame you will most likely pay premiums for 20-30 years.
  • When you need the LTC insurance it will pay $100,000’s of dollars over many years and the premiums are a lot less than self funding. Once you are receiving the monthly benefits, your premiums stop.