Education Center

Education Center

New Options for Long Term Care Insurance

Welcome to our quarterly newsletter. This edition discusses new, less expensive, options for those concerned with the prospect of needing Long Term Care for yourself or a family member. What’s all the hubbub about Long Term Care Insurance? The crux of the case for Long Term Care (LTC) is that most of us are living longer but may require special care if we are no longer able to perform all of the functions of normal daily living. Unfortunately, health or medicare insurance does not pay for the extended care needed if we are no longer fully functional. Most LTC insurance policies are triggered when at least 2 of the 6 daily living functions can’t be performed – (toileting, eating, bathing, continence, mobility, and dressing) or the insured suffers from severe cognitive impairment. When LTC is needed it often drains a family’s finances or stresses relationships because of the hardship imposed on family members who are the caregivers or paying for the care of a loved one.  The most common examples of extreme long term care burdens are dementia and stroke victims who may need care for several years. Costs for nursing homes and other specialized facilities in California average $68,000 per year. If you’re lucky enough to have saved so that $68,000 per year is not a burden, this would be a good time to stop reading this newsletter edition! Not many people have LTC insurance for a few simple reasons: When coverage is the least expensive and easy to obtain in our 30’s and 40’s most people can’t conceive of the future need for long term care because they are at the height of their mental and physical powers and money for insurance is spent on car, home, health, and life insurance, not long term care. When people reach… Read More »

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