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Long Term Care Insurance
 

Long Term Care Insurance

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Long term care insurance seems complex to many people, and it can be expensive. Here's what you need to know to make an informed decision.

Long term care insurance seems complex to many people, and it can be expensive. Here's what you need to know to make an informed decision.

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    Long Term Care Insurance Long Term Care Insurance Presentation Transcript

    • Long Term Care Insurance
    • Myth vs. Reality
      • Have you heard the old joke?
        • “ Last week I bought a retirement insurance policy. All I’ve got to do is keep up the payments for 15 years and my agent can retire.”
      • Many myths when it comes to long term care insurance
    • What is long term care insurance?
      • Any chronic or disabling condition requiring nursing care or constant supervision
      • Long term care insurance introduced 30 years ago
      • Covers a multitude of services:
        • Nursing home
        • Home health
        • Assisted living facilities
        • Respite care
        • Hospice care
        • Adult day care
        • Care advisory services
        • Medical equipment
        • Home modifications
    • How do I know if I need long term care insurance?
      • Nearly one out of two persons 65+ will spend some time in a nursing home
      • If your chances of living 25-30 years into retirement are good
      • Many need sustainable long term medical care in 80s, 90s
    • How much does it cost?
      • Long term care is expensive
      • Nursing home: $70,000 annually
      • Home health in NY state: $16-$22 per hour in 2006
      • Long term care insurance is not cheap
        • 50-54 $989/year and up
        • 60-64 $1,125/year and up
        • Average cost: $1,800-$2,000/year
        • $3,000 and up not uncommon
    • What’s my best move in buying long term care insurance?
      • Buy early, be creative
      • Discount for young age, health
      • $2,000-$3,000 annual policy
      • Ask about inflation protection
    • SeniorHomes.com
      • SeniorHomes.com is a resource for seniors and families searching for housing and care services
      • Visit http://www.seniorhomes.com for more information on senior housing
      • Information in this presentation provided by senior finance expert Brian O’Connell