Why Do I Need Long-Term Care Insurance?
Long-term care insurance helps relieve the costs associated with the specialized care necessary for these daily living activities. Unfortunately, Medicare Part A & Part B do not cover medical and non-medical services associated with long-term care. Most employer-based health insurance programs, as well as disability insurance, do not cover these services, either.
The U.S. Department of Health & Human Services predicts most adults turning 65 will need long-term care at some point during their lives. Last year, the national median costs per month for Homemaker services was $4,004; Home Health Aide $4,195; Adult Day Health Care $1,560; Assisted Living Facility $4,000; and Nursing Home Semi-Private Room $7,441.
Average Length of Long-Term Care:
Women: 3.7 years
Men: 2.2 years
These expenses can add up quickly, and most people do not have the amount of money necessary to fund continued specialized care. Long-term care insurance helps ensure a long-term care recipient’s personal care is not sacrificed due to financial constraints. Every person struggling with an illness, injury or disabling chronic condition has the right to comfort in his/her daily life.
Long-term care insurance also provides needed protection for your financial portfolio and retirement savings. Most individuals underestimate the need for long-term care services and, as a result, end up paying for care out-of-pocket. This can, and often does, cause irreparable financial strain.
Additionally, long-term care insurance can ease the burden placed on family members and caregivers. The physical demands of assisting a loved one with bathing, eating, dressing and movement/mobility every day, all day can be challenging and emotionally taxing. Long-term care insurance covers assistance from specialized professionals, so that recipients, caregivers and family members can focus on their quality time together.
If you think you’re ready to consider long-term care insurance, or just have more questions, give us a call at 913.905.8035 or email Insurance Advisor Joe Yates at [email protected]. We are here to help you create a long-term care plan that's best-suited for you and your family's needs.
