As you look to the future, you dream of financial security and independence in retirement.
To make this dream come true, you work hard and invest wisely. But is that enough?
Despite everything you do to take care of yourself, your chances of needing long term care steadily increase over time, no matter what stage of life you're in. And the costs that go along with long-term care can exhaust your savings and impact your standard of living and your independence. Fortunately, there's a solution. With long term care insurance from Secure Care, you can ensure that, when you need long term care, you'll be better able to pay for it and help protect your retirement dreams.
Think about the risk:
Chances are, you or someone you know has faced the financial and emotional issues involved with caring for an adult family member. If so, then you're already familiar with long term care. Simply put, long term care is assistance with daily activities such as eating, bathing, or getting dressed–whether the care is provided at home, in an assisted living facility, in a nursing home, or in the community.
The costs and decisions involved with long term care can have an impact on the entire family. And with people living longer than ever before, the possibility that someone in your family will need long term care is greater than ever.
Examine the costs:
- People who understand the risks also understand the potential costs of long term care. For example:
Extensive 24-hour home care can cost as much as or more than a nursing home. This is important because 80% of seniors requiring assistance with activities of daily living receive care at home or in community-based settings.
- The national average cost for a nursing home stay is $55,000 per year and can run as high as $93,000 in some states.
Furthermore, the cost of long term care at home or in an assisted living facility is projected to more than quadruple by 2030, while the cost of nursing home care may rise to $190,000 annually.
Consider the limited support for long term care expenses:
If you ever need long term care, you'll need to know what your choices are for paying the costs. Most of the options people rely on offer very little support.
- Health and disability insurance: Traditional health insurance normally covers only those costs associated with acute care—not costs related to long term care. Disability income insurance replaces only income and does not cover long term care insurance.
- Medicare: Medicare covers only 14% of long term care costs and certain conditions apply. For those who qualify, coverage is typically offered on a short term basis only.
- Medicaid: Coverage is available only if you're willing to spend down your assets to the state-required level. And even then, it may not cover most care at home, where many people would prefer to be when receiving care.
- Personal savings: Most people are not financially or emotionally prepared to handle the high costs of long term care. In 1999, spending for home health and nursing home care was about $134 billion. Individuals needing care, along with their families, paid for over 25% of this amount ($34 billion) out of their own pockets.
Evaluate the impact on your family:
When it comes to long term care, families often bear the burden. The majority of long term care is provided by unpaid family caregivers to elderly individuals living in their own homes or with their families. In fact, relatives of disabled seniors with no private long term care insurance provide an average of 38 hours per week of unpaid family care.
Discover the benefits of long term care insurance:
You may already have protection such as automobile, health and homeowners insurance to address other major risks you face. Now consider protecting one of your remaining risks with long term care insurance. A long term care insurance policy from Secure Care can give you a source of funds you can rely on to help pay for long term care.
Be informed! Learn about your options! Call Secure Care!
