Long Term Care


Will you need Long Term Care Benefits?

Statistics are boring, but necessary.  The odds of needing Long Term Care for 90 days or more during your lifetime is 1 out of 2.  If you’re married the percentages say the one of you will need Long Term Care Benefits.  At an average professional cost of $200 per day, the real question becomes:  If Long Term Benefits are needed for you, your spouse, your parents, your grandparents, etc., how will those benefits be provided?  There are four basic methods:

  1. Family and/or friends will provide the needed care.  This is a good method since most families will step up and provide the needed care.  However, families are mobile, employed to provide for their immediate needs, and may  or may not have the necessary skills that are required.  Additionally, the real concern of many patients is whether he or she wants the family to bathe, dress, toilet, etc., for their Long Term Care needs. 
  2. Use personal assets to pay for Long Term Care through professionals whether in your home, in a Nursing Home, or Assisted Living Facility.  The cost of $200 per day becomes $72,000 per year and increasing each year as our population ages.  If you have the personal wealth to meet this need for several years without negatively affecting your retirement, then you could stop right here.  You have the means to cover the Long Term Care Benefits on your own.
  3. Purchase Long Term Care Insurance.  Individually developed Long Term Care Insurance (LTCI) can provide the benefits to help lower the need for full family participation or using retirement savings.  With LTCI your family can visit to truly enjoy their time with you and share their lives.  If your spouse survives, you have not reduced your retirement savings.
  4. Utilize part of the other three methods.  Some family care, some personal assets, and some LTCI.  How it would be apportioned is unique to every person, but can be planned ahead of time.

If you would like to learn more about developing your LTC Benefits Plan,  please “CLICK” the “Contact Us” tab above, and let’s start a conversation!

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