Today’s technological improvements and ever increasing knowledge of health and medicine have led to people continuing to live longer. This has drastically changed our need for long-term care options for our loved ones and one day, ourselves.
Over the past 170 years, in countries with the highest life expectancies, the average life span has grown at a rate of 2.5 years per decade.
That translates into about 6 hours per day — an amazing fact to think about. Long term care is a growing need as more and more are finding parents, grandparents or themselves in assisted living homes.
What does this mean for your insurance needs?
The Need For Long Term Care
Long term care coverage pays a monthly benefit to the policyholder if they find themselves in an assisted living facility. With people continuing to live longer, this is growing more common. Assisted Living Homes cost on average about half the cost of a nursing home, and with long term care coverage, the monthly payment can be of great aid.
Over the past five years, the median annual cost of private nursing home care has jumped 24% from $67,527 to $83,950, according to Genworth’s 2013 Cost of Care Survey, based on data from nearly 15,000 long-term care providers. Does that sounds like a cost you’ve factored into your budget?
Long Term Care Coverage Is Separate From Life and Health Insurance
Life insurance pays for after death expenses and provides assistance to beneficiaries. Health insurance pays for the doctor visits when you are sick. Long term care is a totally separate coverage that pays when you are in an assisted care facility.
When and Who Should Consider Long Term Care
Our advice would be to be most prepared and consider looking for the needed coverage before prices exponentially climb. In your mid-40’s and mid-50’s long term care is most affordable. The price of long term care drastically increases in a person’s 60’s and 70’s and one can pay nearly double and triple the cost of what they would’ve paid! We want to encourage you to look into long term care coverage and buy when your younger to get drastically less expensive prices.
A frequent misconception about long term care coverage is it is only for those approaching old age. Not true! Long term care is for those who need assisted living, which covers those who have any disability that requires the needed facility care.
Our Georgia insurance agency encourages you to recognize the growing need for long term care coverage since our life expectancy constantly is on the rise. It is in your best interest to buy long term care early to find the least expensive rates, the best rates are likely when an adult is in their mid-40’s prior to further health complications.
Long term care pays a monthly benefit if you find the need to live in an assisted living facility. Our independent insurance agency can offer you insurance coverage from numerous insurance carriers and personal service. We give the best quality coverage based on cost and care for you. We write our long term care often through Genworth and Banner but can find the best fit your insurance needs. Get a free insurance quote or let us get to know you and help you understand long term care and when you should add the coverage.