Understanding Long term care
(LTC) is one of the greatest social concerns facing this generation, whether you are 20 years from retirement, about to retire or enjoying retirement now.
Increasingly today individuals are experiencing friends or loved ones who have to spend time in a nursing home or require home health care. As a result they understand the emotional and financial toll this can take on a family. The value of long term care is much clearer to them, for example:
- Pay for skilled, intermediate and custodial care in a nursing home, or home care.
- The wide variety of services for people with a prolonged physical illness, disability or cognitive disorder, such as Alzheimer's disease.
- The combination of many services aimed at helping people with chronic conditions to compensate for limitations in their ability to function independently.
Recent Gallup Poll identified the most urgent priorities of seniors:
- Avoid depending on others for care
- Avoid a burden on spouse or children
- Guarantee preserving independence
- Guarantee access to quality care
- Protect Assets
According to the American Health Care Association, people in the United States who turned 65 in 1990, have approximately a 43% chance of needing long term care in a nursing home sometime in their future. This does not include the chances of needing care at home or an assisted living facility. This combined with a continued shift in federal policy continues to move the burden of long term care costs from the government to the individual. Medicare pays less than 2% of all long-term care costs. At the same time, the cost of nursing homes and similar care providers is rapidly escalating. This trend is projected to continue as the life expectancies of healthy retirees extend into there 80's and 90's and the probabilities of needing long-term care increases. The costs associated with LTC can quickly deplete the financial resources that you planned on during retirement. LTC is a relatively new form of asset protection and there are many factors involved in obtaining adequate coverage. We provide access to the industry leaders in this area. What coverage is right for you? We work closely with our clients to assess their specific needs; tailor solutions that best address those needs; and identify the right solution for your long term care requirements.
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