Long-Term Insurance

Have the right care, right when you need it.

Nobody wants to think about long-term care insurance, but not having it when you need it can be even more troublesome.  In California, nearly one out of two people over the age of 65 will need some amount of assistance with daily living activities due to health issues.  The cost for this kind of care can easily be $80,000 per year or more!  Long-term care insurance exists so you can pay for your care in case of a serious medical condition. Many are unaware that neither Medicare nor your current health insurance will pay for extended long-term care services. So, if you are in need of care and don’t have the right insurance, you could face time without the right kind of care and treatment. When we are unable to take care of ourselves due to an injury, illness, disability, or cognitive impairment, long-term care is needed. Most people don’t need this type of care until they reach their elder years, but nearly 42 percent of those receiving long-term care are under the age of 65.

The cost of long-term care isn’t cheap. On average, the cost of a home-health aide for an eight-hour day can add up to over $45,000 a year. The cost of nursing care in a facility with a private room has an average cost of $85,000 per year. Average life expectancies are increasing, so the duration of long-term care needs and those costs are also increasing.

Long-term care insurance provides the funds you may need to pay for professional care giving services. This insurance helps allow you to remain in your home and in charge of your decisions for as long as possible. This type of insurance covers the costs of nursing homes, assisted living, home health care, and other long-term care services. To secure your financial plan and protect your retirement income and assets, a long-term care plan is a key component to ensuring your future is well-planned and well-protected.

Long-term care insurance not only helps you receive the care that you need, but it may help to provide these benefits:

  • Protect your retirement savings and other assets
  • Maintain your independence
  • Maintain control over your future care
  • Avoid government dependence

Is Long-Term Care Right for You?

If you are wondering whether long-term care insurance is right for you, consider the following statistics:

  • Those over the age of 65 are at a 60-percent chance of needing long-term care.
  • In 2009, the average cost of long-term care services was nearly $220 per day, with over 2 ½ years of care. This totals about $200,000 per person.
  • The cost of care services is going up at about 4% each year. So, if you are 55 today, the cost of care will triple by the time you are in your early 80s, when you are most likely to need care.

Landau Insurance Brokers, Inc. has access to the top long-term care insurance companies and can help you determine whether it makes sense for you to consider this type of coverage. Don’t forget that the best time to purchase long-term care coverage is in your mid-forties and sixties. We’ve got the right team to help you find your best coverage.