Long Term Care Insurance
Certainly, we all hope to be independent for life. No one plans to have a debilitating stroke, get diagnosed with Alzheimer’s or even break a hip. We have no control over the cards that life deals us.
In 2009, the cost of long term care rose again. Yet, our seniors will receive no annual social security cost of living adjustment of benefits in 2010.
- Private Room nursing rates rose 3.3 percent to the tune of $219 per day or $79,935 per year.
- Assisted Living costs increased 3.3 percent to an average of $3,131 per month according to the 2009 MetLife market survey of Nursing Home, Assisted Living, adult day service and Home care cost.
- The cost of home care aids, rose 5 percent to $21 per hour and the cost of adult day services increased 4.7 percent to $67 per day.
At those rates, how would your family pay for long term care? The financial burden of paying for long term care can be insurmountable.
Did you know that Medicare Benefits do not pay for Long Term Care?
Statistics show that fully 50 percent or 1:2 seniors will have a long term stay in a skilled nursing facility.
There are only three ways to pay for Long Term Care:
There is the
- King Midas Approach (Self Pay)
- LTCi (Long Term Care Insurance)
- ALTCS/Medicaid or VA Benefits
Society is different now than it was 40 or even 30 years ago. Financial circumstances often prevent children from staying home and caring for home bound family members. Long Term Care insurance is one solution to avoid burdening family members. Generally, the premiums for long term care insurance are very favorable for those purchasing a policy prior to age 65.
Modern Long Term care policies can be tailored to fit the needs of most clients We would happy to discuss if you would be a viable candidate for long term care insurance. Call and speak with one of our advisors today at 480-286-0003 or click here to have one of our advisors call you to schedule a free consultation.