“If I insure myself against the minimal risks affecting my home, my car, and my overall acute health needs issues, why haven’t I insured against this far greater risk of an eventual Long Term Care event?”
Seven out of ten of us are going to require a period of extended care before we die. At present, this risk statically spans an average of three years with the cost of care ranging from $92,000, to $276,000 annually! For couples, this number rises to nine in ten that at least one person will be impacted by the need for custodial or skilled care, ranging from assistance with activities of daily living (bathing, dressing, toileting, eating, transferring, and incontinence) or some form of cognitive impairment such as dementia or Alzheimer’s care. Medicare does not cover the costs of Long Term Care.
Greater longevity, advances in medicine and medical science, means that our society will continue to age. Baby Boomers are now turning 65 at the rate of 10,000 per day.
Many have already lived this nightmare with parents and other family members, often having to place beloved family members in facilities funded by Medicaid but only after having to spend down their assets to a poverty level and relinquish their independence.
More than ever, there is now a choice to be had; an insurance policy that guards against families losing their hard saved earnings, and individuals losing their independence, dignity, and access to quality care.
The long term care industry has been around since 1974, and several of the major carriers are launching some very creative solutions that address this pandemic issue as well as providing the public with choices that include linking long term care insurance benefits with those of life insurance and annuities.
Since health qualification is a hurdle that confounds a good number of applicants, it is best to look at this coverage as early as age 40. Younger ages not only bode well with passing underwriting criteria, but also keeps premiums at a very modest level.
So ask yourself, “If I insure myself against the minimal risks affecting my home, my car, and my overall acute health needs issues, why haven’t I insured against this far greater risk of an eventual Long Term Care event?”
Editor’s Note: This article was submitted by Western Slope Long Term Care Solutions. You may reach Phyllis Hoffman CLTC at 970-675-5029 or email@example.com and Scharee Atchison LTCi at 719-640-1300 or firstname.lastname@example.org. Both Phyllis and Scharee manage their business from Cedaredge, CO.