Health & Fitness
BY CAROL KUEBRICH, CLTC, CSA
If You Own Long Term Care Insurance, Consider Yourself Lucky.
T
he one reason you should consider yourself to be lucky is that up to now, you have not been sick or disabled for an extended period of time in which you were no longer able to take care of yourself without assistance. But just because you don’t require help now, doesn’t mean that you or a loved one won’t in the future. The Need for LTC Insurance Did you know that approximately eight thousand people will turn 65 each day for the next 20 years, and that the average 65 year old will live another 18.7 years on top of that? For some, those will be healthy, vibrant years. However, others might not be so lucky, and will experience declines in their health, perhaps needing assistance to do even the simplest of things like feed or bathe themselves. So then what do you do in that situation, you ask? Hope that you have long-term care insurance. Hope that your LTC agent at least sat down to talk to you about planning for the possiblity of needing care. If you are unfamiliar with the term “long-term care,” it is the kind of help a person needs if you are unable to care for yourself due to a lengthy illness or disability. It refers to care provided at home, in adult day care, in an assisted living facility, or in a nursing home. And services can range from assistance with routine daily living activities like bathing, dressing, transferring, and eating to 24-hour care by a skilled medical professional. Long-term care insurance simply helps you cover the costs for that care, as typical nursing-home care costs can run around $82,000 annually (Source: 2013 Genworth Financial Survey), and the Center for Medicare and Medicaid Services reports that long-term care costs are increasing at a rate of 5.6% per year. It does not pay to wait to buy LTC insurance. Each year that passes, the cost of care goes up, making new policies more expensive. The premiums just get higher the older you get. Of course, a lot of people just assume that once they retire
and if they happen to fall sick and require extended care benefits, their major medical insurance, Medicare or Medicaid will cover their expenses. But unfortunately, that is not the case -- it will be up to you to cover those costs. Chances are you probably haven’t saved enough to pay for even a one or two year need, much less an extended stay in a facility or a private care nurse. Which is why it is wise to have long-term care insurance . . . to prepare for the future, safeguard your assets and ensure that everything you have worked for and saved will be protected. Many Choices to Make Many insurance carriers are offering long-term care insurance, which will protect you and your assets should you face a long-term care need. Policies can be customized and have different features and benefits that you can tailor to meet your individual needs. With so many choices and variables to consider and several plans available, it’s nearly impossible to make an educated decision without the advice of a qualified long-term care agent. Planning for the future can be difficult, but what is clear is that not everyone is lucky enough to live their life and not need some form of extended care. If you protect your future with long-term care insurance, you will be the lucky one who planned ahead. To see if you health qualify for LTC Insurance, what an LTC Insurance policy costs and how to save on your LTC insurance premiums, you can contact a qualified LTC agent . . . the sooner, the better. Carol Kuebrich, CLTC, CSA has the Certified Long Term Care and Certified Senior Advisor designations. She is an independent Long Term Care Insurance Specialist in Chesterfield and an instructor for the Long Term Care Insurance Partnership Classes. To talk to Carol about your plan for extended care, you can email her at carolkuebrich@theLTCspecialist.com or call 636-537-0749 or 314-956-2757. clm
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