Long-Term Care Insurance
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What is long-term care?
Long-term care (LTC) is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) - bathing, dressing, eating, continence, toileting and transferring. Others may need help because of mental deterioration called severe cognitive impairment that can be caused by Alzheimer’s Disease, other mental illness or brain disorders.
A
need for long-term care
may result from:
- Accidents
- Illness
- Advanced aging
- Strokes
- Other chronic conditions
Long-term care can be received at home, in the community or in a nursing or assisted living facility. You may qualify for long-term care insurance benefits if you can’t perform two ADLs by yourself for at least 90 days or require substantial supervision if you suffer from a severe cognitive impairment.
Why Consider long-term Care Insurance?
Have you thought about the consequences a long-term care event could have on you and your family? If you aren’t protected, how would that affect your retirement plans and your family?
Long-term Care Insurance Can Help You Gain Control
Long-term care insurance can be a practical and more affordable way to help pay the high costs of long-term care services. It may also help you:
- Maintain your independence so that you don’t become a burden on your family.
- Maintain control over how you spend your savings.
- Have more choice in who provides your care and where you receive it.
What Is Your Plan?
Some people believe they can self-insure by allocating personal savings for long-term care. Once you do the math, however, you’ll see that long-term care insurance coverage may be the better option.
For
an example, if you used
an estimated $2000 a year
to purchase long-term care
insurance, you could have
access to approximately
$716,400 for covered long-term care versus $69,400
from self-insuring.*
*
For representative purposes,
assumes premium for issue
age 60, married, preferred
with $4,500/month benefit
and other factors.
