What are my chances of needing long term care?
Thanks to advances in medicine, many people today will be living longer, more fulfilling lives. You may never need long term care. However, the chance of needing long term care services generally increases with age. According to the America's Health Insurance Plans, about 19% of Americans aged 65 and older experience some degree of chronic physical impairment. Among those aged 85 or older, the proportion of people who are impaired and require long term care services is about 55%.1
How much does long term care cost?
The national average of annual nursing home costs for a private room is just over $70,000 - twice that in some areas. Average home health care costs are not far behind, averaging $144 per day for 8 hours of service.2
View charts of long term care costs in your area.
What are my options?
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Utilize savings |
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Qualify for government assistance by spending down or giving away assets |
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Consider purchasing private long term care insurance |
Why would I want long term care insurance?
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Help preserve your independence |
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Help protect your standard of living |
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Help protect your retirement assets |
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Help protect your freedom of choice |
How much does long term care insurance cost?
There is not a simple answer to this question because each person/family has unique situations. Many factors go into determining how much a long term care policy costs, such as:
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Daily benefit, |
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Elimination period, |
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Benefit period, and |
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Inflation protection. |
Policies can be designed to meet individual needs and budgets. Please contact a Financial Professional for more information.
1 America's Health Insurance Plans: Guide to Long Term Care Insurance, 2004
2 MetLife Mature Market Institute, Summary of Nursing Home and Home Health Care Costs, September 2004 | 
