Long
Term Care
Long Term Care is the assistance you will need for an extended
period of time if you develop a chronic illness, disability,
or cognitive impairment, such as Alzheimer's disease. Long Term
Care differs from medical care received in a hospital or provided
by a doctor, which usually is covered by private health insurance
or Medicare.
Long Term Care can be very expensive. Due to the
rising costs of Long Term Care services, the need for Long-Term Care
insurance
is essential. Studies show that the average stay in a nursing
home is 2 to 3 years. The average cost annually is $30,000 to
$60,000. Depending on the type of care one may need, one year
of care in a nursing home may cost, on average, over $40,000.
Home care is less expensive but still very costly.
The American
Council of Life Insurers (ACLI) released a report that shows
consumer and business awareness of the importance
of long-term care insurance is now prompting specific action
to secure and provide this vital form of insurance protection. "'Passing
the Trust to Private Long-Term Care Insurance' reports that private
long-term insurance is no longer just a hope of the future. It
is becoming a mainstream tool for long-term financial planning," says
ACLI Senior Director Lynn Boyd. The report shows:
 |
Women baby boomers are buying this insurance
as a result of their experiences in caring for people needing
long-term care assistance. |
|
Almost half of Americans 45 and older have discussed
their possible need for long-term care with their adult
children. |
|
At least 22 states are offering long-term care insurance
to their employees. |
|
More than one-third of large companies are offering long-term
care insurance as an employee benefit. |
|
Smaller employers are offering coverage as well. |
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Life insurers have paid out more than $11 billion in
long-term care benefits. |
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In addition, the report shows that consumers are buying
long-term care at younger ages; that workers, including
blue-collar workers in many industries, are enrolling in
employer-sponsored long-term care plans; and families with
strong cultures of caring for elders are buying long-term
care insurance in growing numbers. |
While the need for long-term care planning is clear, a vast majority
of adult Americans still go without coverage. Unless people are
encouraged to plan for their future needs, soaring costs and
increasing demand for long-term care services could deplete personal
savings and exhaust government entitlement programs.
To reduce
this potential financial exposure, Long Term Care insurance is
an inexpensive way to provide financial protection
to your family.
Kilbride & Harris Insurance Services, LLC
provides our clients with options to meet their Long Term Care
Insurance
needs and protect themselves from this costly expense.
Contact
us to discuss your specific needs. |
