Long-Term Care Insurance is designed to help pay for long-term medical and non-medical services.
It helps individuals who have a physical illness, disability or cognitive impairment that affects their ability to do basic activities of daily living. For example, a policy can help cover any or all of the following type of services:
- Nursing home coverage
- Assisted living facility coverage
- Adult day care center coverage
- Personal care coverage
70% of people age 65 and older will need some form of Long-Term Care in the next few years.
“The median cost for a home-health aide for an eight-hour day is more than $49,000 a year, while nursing care in a facility with a private room has a median cost of almost $98,000 a year.1 As life expectancies increase, so does the duration of long-term care needs, and the financial burden may end up falling on your loved ones after you’ve run through your own life savings.”2
We are an aging population. Roughly 10,000 people will turn 65 today and 10,000 more will everyday for the next decade.
There have been many advances in medicine and technology. As a result, people will live longer than any generation before them. Therefore, in the not-to-distant future, more people will be in need of Long-Term Care Insurance than any other time in history.