Long Term Care Insurance Foundation Info

I read an article by the Wicked Local Plymouth, MA edition that did a great job summing up the overall problem.   The problem being millions of Baby Boomers are retiring and it is surprising how few of them actually know that Medicare provides just a couple weeks of financial support for nursing home care when the average person needs it for at least a year.

The article states: "A 2006 Genworth Financial Survey says the national average private room rate at a nursing home (the most expensive care option) was $194.28 per day/$70,912 annually. The current cost of nursing care can be over $100,000 a year in many facilities in the Boston area."

Long-term care insurance (LTCI) may be a wise solution for people who need to bridge the gap between their nest-egg and the actual cost of long term care that they could potentially face if they or a loved one needs care.   There are some basic questions to begin the conversation on whether or not LTCI might be a good fit.  The first main question is I know no one ever really wants to envision needing long term care down the road, but would you agree that needing long term care is something that could happen to you in the future?  If yes, you're a realist.  If no, good luck to you but realize Superman sadly even needed long term care.

Some basic questions are: What family resources do you have to help you with your day-tp-day activities such as eating , bathing, dressing, etc.? While it's true that care giving puts a strain on family, it’s important to consider whether family and friends are truly willing and if you'd even want them to do so.   

How old are you and your spouse?  What is your health history and family health history? People in good shape buying long-term care insurance in their 50's typically get the most affordable rates. An individuals family health history and current health status are the real determinants of what your LTC insurance policy will cost, if you can indeed qualify.  Long term care is also not just an "old person" problem, in fact 40 percent of long-term care is provided to people between the ages of 19 and 65, so the need for care can happen to really anyone at any time. For that reason buying long term care insurance for some starting in their 30's for 40's could be a wise decision that could potentially save a person from a life-long hard-ship.  women should take a heightened interest in providing for their long-term care safety net. Long-term care insurance might be a good solution given their other investments and their health history.

If you'd like to learn how a long term care insurance policy would fit into your unique situation take a minute to fill out the short quote engine form below and we will send you a side-by-side quotes from the top 5-6 blue-chip companies...we work with all of the top companies and we'll mail them to you.  No agents coming out to your house.