Studies show the average American life expectancy is now about 75 years for men, 84 for women, which means it’s likely that over half of Americans will spend part of their later years in some kind of long-term care facility — at a potential cost of hundreds of thousands of dollars a year.

Long-term care insurance provides valuable support and financial resources to help cover the cost of long-term care you might need. Thinking about long-term care insurance now can protect your assets, and give you control over where you receive care, and how you, or your family, pays for it.

IMOR Financial can help match you with long-term care insurance from one of our industry-leading carriers, to make sure you face your future with confidence.

Do You Really Need Long-term Care Insurance?

Like almost everyone, you see a future with years of well being and a happy, healthy, active retirement. In fact, unless you have a debilitating illness or accident, you may not even give long-term care a thought until you’re much older.

But let’s look at the facts:

If costs increase at 4.1% per year, the average cost of care in 30 years would be $250,000 a year. — Bureau of Labor Statistics, www.bls.gov.

At least 70% of people over age 65 will require long-term care services at some point in their lives. — U.S. Department of Health and Human Services, www.longtermcare.gov, September 2008.

The national average for 24-hour home care or one year in a nursing home can cost more than $75,000 today, and can run higher in some states. — John Hancock Cost of Care Survey, conducted by CareScout, 2008.

If a chronic illness, disability or cognitive impairment, such as Alzheimer’s disease, leaves you unable to care for yourself for an extended period of time, long-term care may be required. Whether it’s delivered in a nursing home, hospice facility or even in your own home, this level of care can be expensive, and the cost is rising every day.

What Are Your Options?

Medicare pays only for short periods of care, typically up to 100 days. And the average stay in a nursing home is 2.4 years. (According to The Federal Long-Term Care Insurance Program (FLTCIP).
Medicaid usually pays for low-income patients, and in mandated nursing home facilities, while you lose the right to choose where you’re cared for, and by whom.

Personal assets can be quickly eaten up, including savings and retirement plans, leaving no legacy behind for those you love.

Family members may assume the burden of care, at the risk of their own financial, physical and emotional well-being.

Long-term care insurance can give you control and peace of mind.

Where will you find the money to pay for the care that you need without draining your family’s life savings or your retirement accounts?

Purchasing Long-term care insurance now gives you control over future health care decisions, including where you go for care. Many policies also cover assisted living, adult daycare and other care in the community, alternate care, and respite care for the caregiver.

If you are employed full-time, your employer may already offer you some kind of Long-term care insurance. But it’s important to be sure that will be enough to cover the cost of this level of care, should you ever need it.

Explore Your Choices Today

The cost of long-term care insurance is based on your age and health when you apply, as well as the additional benefits you select on your policy. As a result, the annual premium that you would pay for a policy bought today may be significantly lower than what you would pay for a comparable policy purchased at an older age, or if your health declines.

Contact us at IMOR Financial to help determine if your potential long-term care needs would be covered.