Why Long-Term Care?

If it can happen to Superman, it can happen to you. More than 12 million Americans need long-term care, and almost 5 million of those are working-age adults. The American Health Care Association says,

"Failure to prepare for the cost of long-term care is the primary cause of impoverishment among the elderly!" 

You insure your home against fire and theft, and your car against an accident - and never complain that the money is "wasted". As our lives lengthen and medical technology advances, why not insure against one of the most expensive realities of life?  The reality is, your chances of needing care are significantly high. 

Compare the likelihood of long term care striking your family with other risks you already insure against:

• 1-in-1200 risk of your house burning down.

• 1-in-240 risk of being sued due to a car accident.

• 1-in-10 risk that you will be in the hospital.

• 1-in-2 chance for women, and a 1-in-3 risk for men, that you will need care at some time in your life.

With a little planning, you can buy long-term care insurance for yourself or as a gift for now-healthy parents. Although this is a product that catches the attention of seniors, the ideal time to buy it is actually when you're in the early fifties and in good health. This is the time when premiums are lower and you're less likely to have a pre-existing condition that prevents you from having coverage.

People consider long-term care for a variety of reasons, including:

• Avoid being a burden to family members who may be called on to provide care.

• Preserving independence by using your policy to stay home as long as possible.

• Preserving your freedom of choice to choose where and how to receive care.

• Preserving the standards of living for your family should you need care.

• Protecting your assets and keeping your estate intact.

• Avoiding welfare - Medicaid provides care once your estate has been spent down

The current average annual cost of a one-year nursing home stay is over $55,000 in Washington, and only a tiny portion of these costs are covered by Medicare, Medicare Supplements or your private medical insurance. In fact, none of these insurance options will pay for custodial care. And, women are especially vulnerable because they have a 50% greater chance of needing nursing home care than men.

You may be wondering what the costs would be for you to buy a policy. Premiums vary based on your age, health history, and policy type chosen. We can help determine those costs for you if you click on our Health Questionnaire and answer the few health questions asked. Whether you are married, single, with or without children, you should start considering long-term care coverage as part of you overall insurance needs

You already know the importance of planning ahead. And you've read the alarming statistics:

• One year in a Spokane long-term care facility can easily exceed $55,000 -  and Medicare, on average, pays less than 2% of these costs.

• People 65 and over have 2 chances in 5 of entering a nursing home.

• 1 in 11 individuals will need in excess of 5 years of Nursing Home care in their lifetime

• If you need long-term care, your retirement savings, estate, current income and personal freedom can all be at risk if you're not covered.

• If one spouse is receiving care without coverage, the healthy spouse will typically face an overwhelming financial burden.

So you know why long-term care insurance is a key component to a sound financial plan, and you're ready to look into securing your future with a policy.

Do you qualify?

Click here to answer health questions