Long Term Care What You Need To Know Today

What You Need To Know Today

“A third of the people who experience a stroke every year are under the age of 65.”

“. . . stroke is the leading cause of disability in the U.S. There are 3.8 million stroke survivors today, some of whom can remain independent by receiving care at home.”¹⁴

Common Myths Regarding Long Term Care & Insurance

It is important to understand there are many misconceptions concerning Long Term Care and Insurance. For example:

“I will never need Long Term Care”

Americans are living longer and healthier and no one expects to need Long Term Care. Additionally, many people believe (or hope) they will never need Long Term Care Insurance: so why insure against the possibility? Unfortunately the odds are against the majority of Americans. 40% of those needing Long Term Care are under the age of 65.¹² People who, today, feel impervious can, tomorrow, experience a debilitating illness, disease, or life altering accident, regardless of their age. The Health Insurance Association of America calculates the odds are 1 in 2 that you or your family will need some form of Long Term Care within your lifetime.

“Long Term Care is only for the seriously ill,
who need a nursing home”

Long Term Care does NOT only apply to the seriously ill and does NOT always require you to stay in a nursing home. Most people-nearly 79% - who need Long Term Care live at home or in community settings, not in institutions.¹³ Family members provide about 80% of care to in-home patients.¹⁵ Now and in the future, most people will receive Long Term Care within their own homes. Long Term Care can assist you with simple daily activities, while maintaining your dignity and quality of life you are already accustomed to.

“It's costly”

Long Term Care Insurance is affordable when balanced against the astronomical costs incurred by a person who has no financial protection and needs care. Premiums for Long Term Care Insurance are especially affordable when you are healthy and within your working career. “The notion of spending a few thousand dollars a year vs. hundreds of thousands of dollars in the future is smart money management,” says Michael K. Stein, a certified financial planner and author of a book on retirement finances. Ask yourself what is the price of future financial, and lifestyle stability? It does not take long for the costs of a long term illness or injury to deplete your entire life savings and assets.

“It's complicated”

Today’s Long Term Care Insurance policies are consumer friendly and allow you and your family to elect varying deductibles, coverages, benefits levels, and more. Long Term Care Insurance allows you to maintain choice and control over your life, should you find yourself needing care.

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