The need for long term care can be caused by conditions such as broken or fractured bones, Parkinsons disease, stroke, Alzheimers, or any other number of disabling medical conditions.

Long term care services are often required when you need assistance with everyday living activities, such as using the bathroom, taking a shower, dressing or moving in and out of a chair or bed.

Care can be provided in different settings, including your own home, an assisted living facility and or community, or a nursing home.

How expensive is long term care today?

Paying for long term care in your home or in a facility can be very expensive. Recently published national research suggests that one in every three Americans could deplete their personal assets paying for their long term care needs themselves. Here are the average costs of care in the United States for 2006.

• In-home care averaged nearly $53,000 per year for 40 hours of help per week.
• A year of nursing home care averaged nearly $75,000.

These costs are expected to continue to increase. Based on national averages and assuming a 5% increase in inflation, one year in a nursing home could cost more than $110,000 in 2015 and over $180,000 in the year 2025.

There are generally four sources to turn to when it comes to paying for long term care; your family, your savings, the government, and long term care insurance policies.

1. Your Family

You may plan to rely on family members or friends to provide your personal long term care. But would you rather prefer to spend quality time with them, rather than getting help with day to day needs? Currently, nearly one out of four people in the United States provides unpaid care to relatives or friends. While these caregivers may be willing to give their time to care for loved ones, being the primary care giver can take a toll on a persons physical and mental well-being, and may be a financial drain since that person may not be able to earn full-time wages.

2. Your Savings

Based on the high cost of care, your personal savings could be depleted over time. If the average length of time for informal or custodial care in the home is four years, based on the average annual cost of care of nearly $53,000, you could be facing nearly $212,000 for home care. The average stay in a nursing home is about two and a half years. At an average of nearly $75,000 per year, that could add up to $187,500 or more.

3. The Government

 Medicare generally offers very limited coverage for skilled nursing homes and only for a short period of time. It is not designed to cover long term care and does not offer significant help with these expenses.

Medicaid does help pay for he cost of long term care services but it is designed as a safety net for the needy. In most states, financial eligibility for Medicaid requires that you have low and few personal assets.

For example, in 2006, to be eligible for facility benefits a typical state might require one to:

(A)            Spend down his or her assets to $2,000 excluding primary home and care.

(B)            Have income of less than $1,809 a month (300% of SSI payment)

Each states requirements vary.

4. Long Term Care Insurance Policy

Long term care insurance is specifically designed to help pay for long term care. It can help you preserve your savings and assets while giving you more choices about your future care.

Why purchase a Long Term Care Policy? 

Long term care insurance could be the most practical and affordable method to help cover the potentially high cost of care. A comprehensive long term care insurance policy can help you;

• Stay in your home as long as possible.
• Preserve and protect your personal savings and assets.
• Relieve the burden of care from friends and family
• Maintain flexibility in care options
• Preserve your quality of life and dignity

With long term care insurance, your savings can remain protected, and your retirement plans carried out. Additionally, you may be able to access higher quality care for a longer period of time without imposing upon your family or friends.

You want a reputable company you can count on behind your long term care insurance. A companys financial ratings, reputation, claims paid, and experience are clear measures of a company that is solid, knowledgeable, and reliable.

Our Agents know the national market & we provide (3 to 5) competitive quotes on every client. Just complete this quick form & a licensed agent will contact you shortly.