Long Term Care Insurance. Who needs it?

 
Everyone should probably consider it. Why? Because the cost of long-term care, should you need it, can quickly deplete your life's savings. For example, having a home health aide visit just three days a week can cost more than $20,000 annually. Full-time nursing home care, the most expensive type of care, now averages $69,000 to $78,000 per year. In some parts of the state the cost may be twice that amount.

While the financial impact cannot be overstated, long-term care insurance isn't only about money. It's also about peace of mind. Having it ensures you'll have access to first-rate care when you need it. It also means you won't have to be dependent on others or be a burden to your children.

What are the odds you'll need long-term care insurance? Greater than you might think. There's about a 70 percent chance you'll need some type of long-term care after age 65. And long-term care services are not just for older people. A young or middle-aged person who has been in an accident or suffers from a serious illness may require long-term care services. In fact, 40 percent of patients receiving long-term care are under age 65.

If you can afford to pay for care without significantly impacting your assets, you may not need long-term care insurance. However, most consumers are not in this category. Call us today to make and appointment with one of our qualified benefit specialists. Most people are surprised by how low the premiums are... especially for those 55 and under.