LONG TERM CARE INSURANCE
Insurance is an important tool for protecting yourself against risk. For instance, health insurance pays your doctor and hospital bills if you get sick or injured. But how can you protect yourself against the significant financial risk posed by the potential need for long-term care services, either in a nursing home or in your own home?
Long-term care goes beyond medical care and nursing care to include all the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. You can receive long-term care in a nursing home, assisted living facility, or in your own home. Though older people use the most long-term care services, a young or middle-aged person who has been in an accident or suffered a debilitating illness might also need long-term care.
beyond nursing homes, there is a range of services available in the community to help meet long-term care needs. Visiting nurses, home health aides, friendly visitor programs, home-delivered meals, chore services, adult daycare centers, and respite services for caregivers who need a break from daily responsibilities can supplement care given by family members.
At Insurance Planners, our mission is to educate and protect Americans from the devastating costs of long term care. Many people don't realize that the need for long-term-care can strike at any time.
Will you be insured for long term care, if you suddenly required it? In many cases, consumers don't have access to all of the information necessary to make the best possible decision. Insurance Planners has developed a comprehensive system to arm you with that information.
Long-term care insurance is important because of the likelihood of needing the types of services covered by the insurance and the cost of paying for those services. We frequently think about long-term care services being focused on the elderly. It is important to remember that about 40% of the individuals needing long-term care services are of working age. About one-third of stroke victims are under age 65.
Overall there is a likelihood that one-half of the population will need long-term care services during their lifetime. And long-term care services are very expensive. Nationally and in Tennessee the average cost of nursing home services runs between $45,000 and $50,000 per year. Long-term care services provided in the home costs about $26,000 per year. Most employees cannot afford that level of expense even for short periods.