Assess Your Needs for Long Term Care

Assessing your need for Long Term Care Insurance is influenced by two factors (1) your potential need for assistance with daily living in the future and (2) your ability to have that need provided through family or paid services. Let's take a look at the relationship between these two factors.

Your Potential Need for Assistance

A quick visit to LongTermCare.gov will reveal that folks over 65 will likely need 3 years of support in some fashion and that due to longevity women typically need such support longer than men. The site also reveals that 20% will need care for more than five years.

Should you need to spend time in a nursing facility the cost can be as high as $75,000 per year. A few phone calls to area nursing homes will educate you on the cost of care in your area. Because of these significant costs the importance of proper preparation has increased.

Additionally, you should consider life style and family history to determine if you have an increased risk for potentially needing these services. Some questions you can ask regarding this includes…

  • Do I have a family history of Alzheimer's or other mental illnesses?
  • Did my parent's or other relatives require long term care services?
  • Do I live alone or lack a network of people that will provide informal care for free?
  • Are there factors in my life style (diet, exercise, risk taking) that could contribute to my needing care?

How will assistance be provided?

  • To determine how you will pay for care ask yourself the following…
  • Can I rely on my children to provide some assistance?
  • Do I have sufficient savings to cover multiple years of paid care?
  • Do I have additional potential sources of payment for benefits (Veterans Benefits, Reverse Mortgage, Riders on Life Insurance Policies, etc)?
  • Do I want to rely on Medicaid to pay for my care after my assets are exhausted.

For many people, after answering the above questions, a need still exists in preparing for the future. This is the reason millions of Americans purchase long term care insurance policies. These plans can help reduce reliance on family, protect a lifetime's worth of savings, and maintain freedom of choice in the type of care received.

Have Questions?

If at any point you would like to speak with someone for more information,
contact 1-800-258-7041 or fill out our Request Information form!