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.

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Long Term Care Insurance

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

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