Who Needs Long Term Care Insurance?
Don't want to burden their family
Want to maintain their independence & control their care
Those who want to protect their assets
Long Term Care Insurance
Long-term care services may be necessary at any age. An older adult might gradually find that day-to-day living is becoming increasingly difficult without help, or they may develop Alzheimer’s Disease. Someone younger may have a heart attack, a stroke, a disabling accident or develop a serious chronic illness such as Parkinson’s Disease. Long-term care services are generally custodial and personal in nature but, in some cases, may be rehabilitative.
Do you need Long Term Care Insurance?
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Because neither medical insurance nor Medicare is primarily designed to pay for long-term care services, long-term care insurance can help provide a way for you to pay for this care. Long-term care insurance can help you retain assets set aside for retirement and can help you remain independent by providing the money to allow you to decide where and how your care will be provided.
Facts About Long Term Care
Recent research suggests that most Americans turning age 65 will need long-term care services at some point in their lives. (Source: U.S. Department of Health & Human Services, "Who Needs Care," Accessed March 2021: https://acl.gov/ltc/basic-needs/who-needs-care)
For couples, there is a 91 percent chance that one spouse will require care. (“Do Retirees Need Long-Term Care Insurance?” USA Today, Sept 2010)
Medicare pays for only 2% of nursing‑home costs and about 15% of all home health‑care services.
A majority of Americans falsely believe that their medical insurance will pay for long-term care. (U.S. Department of Health and Human Services)
The cost of senior care may range from $59,488 to $61,776 per year for in-home care, to more than $108,405 per year for care in a private Nursing Home Facility. (Genworth, Cost of Care Survey 2021, Conducted by CareScout®, February 2022)
Long‑term care includes medical, social and/or personal-care services required by a person with a chronic illness or disability over a long period. Designed to help seniors maintain independence, these services may be provided in the home, community, alternate living facilities, or nursing home.
Greenhaven Marketing offers Long Term Care Insurance from Mutual of Omaha and National Guardian Life.
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