Paul LeWinter Long Term Care Insurance Specialist
Independent Insurance Agent
Toll Free: (888) 657-7780
Office: (305) 233-9626
Cell: (305) 401-6103
Fax: (305) 971-9410
What is Long Term Care
Long Term Care is defined as the inability to care for one's self due to an illness, injury or disability for an extended amount of time. This care provides assistance with the activities of daily living (ADL) and is provided in a home environment, assisted living community or nursing facility. It can last for just a few days to many years, or change from one level of care, or settings to another. Those requiring care can be of any age. Today's modern approach through medical advances, new facilities, and new continuum of care communities offers those in need with many choices.
What Does Long Term Care Cost?
Long Term Care can cost between $60,000 to over $100,000 per year, depending on your location and care required. Medical inflation, outpacing general inflation rates, factors about 4% per year. Private health insurance and Medicare are not intended to pay for Long Term Care. It is why Long Term Care Insurance surged to its present-day importance
Can It Happen To Me?
As we age, statistically, our chances of needing some type of care in our lifetime increases. Three times as many females will require care, primarily a function of longer lives for women as well as the traditional care-giver role of females. Hospitals have shifted recovery, even for the short term, to other types of settings, such as Long Term Care facilities. We, unfortunately, no longer rely upon our families for even short term care. All this leads to a 40% risk of needing care sometime in our life.
Insurance vs. Self-Pay
Insurance is not right for everyone. Some cannot apply due to existing medical conditions. Others would rather take the risk and pay for any Long Term Care costs out of their own assets. Some people attempt to hide assets to be eligible for public assistance. (Beware of the constantly shifting sands of regulation with this method). There is no right answer, only a personal choice and tolerance for risk.
Cost of Waiting
If the decision has been to purchase a policy, when is the right time? Younger when premiums are lower? Later, saving the premium, yet risking acceptability to the carrier?
The average age of a Long Term Care policy purchaser today is 56, which indicates people are thinking of this as a financial planning strategy. However, people of all ages apply for coverage. The only issue everyone shares is the ability to be accepted for coverage by a carrier based on health conditions. Waiting too long has a financial impact; however, waiting until a medical condition arises to consider purchase makes it impossible at any cost.