long-term care
Most people don't fully understand the value of Long Term Care Insurance until they or someone they love needs it.
Long term care is the care you may need if you are unable to perform even two activities of daily living (ADL) on your own. The goal of long term care is to help you maintain your lifestyle as you age. Medicare, Medicare supplement insurance, and health insurance you may have at work usually won’t pay for long term care.
A need for long term care may result from accidents, illnesses, advancing aging, stroke, or other chronic conditions. Cognitive illnesses, such as dementia and Alzheimer’s disease are a growing concern for society.
THE KEY IS RECOGNIZING THE RISK BEFORE HAVING THE NEED!
WHAT ARE THE SIX ACTIVITIES OF DAILY LIVING (ADL)?
DRESSING
Independently dressing and undressing oneself
EATING
Preparing food & feeding oneself independently.
TRANSFERRING
Being able to move from place to place independently.
TOILETING
The ability to get on & off the toilet by oneself.
CONTINENCE
The ability to control one’s own bladder & bowl movements.
BATHING
Personal hygiene & grooming independently.
WHY SHOULD I CONSIDER LONG-TERM CARE WHEN PLANNING FOR RETIREMENT?
- Someone turning age 65 today has almost a 70% chance of needing long term care at some point in their lives. *
- After the first year, the average person receives care for an additional 3.2 years. **
- The average life expectancy of someone diagnosed with Alzheimer's is 4-8 years. ***
* U.S. Department of Health and Human Services: How Much Care Will You Need?, October 2017
** Genworth Life Insurance Company: Long-Term Care Insurance Claims – 12/1974 – 12/2016, January 2018
***Alzheimer’s Association: Stages of Alzheimer’s, May 2018.
WHAT QUESTIONS SHOULD I ASK MYSELF?
- How can an LTC need affect my family and my retirement?
- What could it potentially cost?
- Could it eat away at all of my retirement savings?
- What are my options for covering that cost?
- Where should I consider receiving care?
- Would I like to receive care in my home?
LEARN & understand YOUR options
Long Term Care Insurance can be quite confusing, and often an unpleasant subject to discuss. It's our job to help you understand so you can determine if a plan is right for you. The key is to have a conversation and a plan in place before such a need arises.