LONG TERM CARE INSURANCE

Today, thanks to the many advances in technology and medicine many of us are living longer than ever before with a greater quality of life. But with these benefits come new concerns. Seniors should be knowledgeable about the consequences of living longer, including the possibility of poor health and the costs of caring for chronic medical conditions that can quickly use up the savings of a lifetime intended for retirement years.

Who Needs Long Term Care?
In the early part of the century, seniors could expect to turn to their families when assistance with meeting Long Term Care needs arose, and in many cases, the extended family members lived nearby in order to help provide these services.

Today, our families are typically smaller and more of us live apart from our loved ones who need help with Long Term Care. When the need arises for this type of care and it is not available or appropriate for family members to provide these services, seniors are seeking out paid providers of home and community based care, assisted living facilities, or nursing facilities to provide Long Term Care services.

Statistics from the New England Journal of Medicine show that over 40% of individuals turning 65, at some point in their lives, will enter a nursing facility for an average stay of 2.5 years and this is increasing as medicine and technology continues to advance. These percentages increase to 60% for individuals age 75 and older!

What Are The Costs Of Long Term Care?
The American Health Care Association, which represents long-term care providers nationwide, states that today the average cost of a Long Term Care stay is over $40,000 per year. The same care can exceed $60,000 per year, depending on the personal preference, services needed, and also the location. As the population continues to age, there is a growing concern that Long Term Care costs will increase dramatically in the future.

Who Will Pay The Bills For Long Term Care?
Because Medicare and Medicaid combined only pay slightly more than half the cost of all Long Term Care services, the question is: “Who pays for the rest?”

Most of the time, you, as an individual or family, will pay for these costs:

• From your income, which in many cases is a fixed income
• From your savings, accumulated diligently
• From your investments, intended for the retirement years or the extras in life

The Result
TOO MUCH of the hard-earned money that you have put away for retirement goes towards the cost of Long Term Care!

What Are Your Options?
Your Statewide Insurance Services Inc. representative can help you analyze your needs and recommend a suitable Long Term Care insurance solution, if needed.

Statewide offers Long Term Care Protection, tax qualified or non-tax qualified, through the most experienced and financially secure carriers available nationwide. Examples:

Long Term Care Protection is available to Groups and Associations as well as individuals.

Questions and Concerns

• Will I still receive the appropriate care if I stay in my own home?
• If I remain in my home, can my family members assist in providing my care?
• Is an Assisted Living Facility capable of taking care of my needs?
• When and who decides that I need to go to a Nursing Facility?

Let us help in designing a plan with the appropriate carrier to meet your personal needs.