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ARTICLES

The Need for Long Term Care Insurance As you build your financial portfolio

and Life Insurance, Long Term Care

both for your financial security now

Insurance will protect your family and

and in anticipation of enjoying a long

you from the large financial burden

retirement, you need to factor in

that an accident or illness may cause.

the cost of care for when you need

Purchasing coverage will relieve your

assistance in performing the activities

family of having to center their lives

of daily living. This care can take

around your personal care while giving

place in your home or as a resident in

you the freedom to choose where you

an assisted living facility or a nursing

would like your care to take place.

home. The average length of stay at

41% of people receiving long term care are between the ages of 18 and 64.

a nursing home is 2.4 years, which would cost you over $200,000. You can designate money in your portfolio to cover the costs or you can purchase Long Term Care Insurance.

70% of people over the age of 65 will require Long Term Care services at some point.

Since the need for assistance, not age, is the trigger for receiving long term care benefits, this insurance will cover you should the unexpected happen at any age. For example, if at age 47 an illness or accident leaves you needing care, you would be eligible to receive

Long Term Care Insurance is similar to Disability or Life

benefits. This would allow your spouse to continue working

Insurance in that you are paying a monthly premium to

or caring for your children while a professional caregiver

have a pool of money available to you when you need

comes to your home to help you with your daily needs such

it. Unfortunately, “Long Term Care” is not an accurate

as bathing, dressing or getting in and out of bed.

description of the benefits provided on a Long Term Care Insurance policy: “Family Freedom Coverage” may be a bit more accurate. This type of insurance frees you from the substantial financial burden of paying for care while it frees your family from the burden of caring for you at the detriment of their time, finances and physical and emotional well being.

Having Long Term Care Insurance will help you meet the cost of your spouse’s and your care should you need assistance with daily living at any age. It gives you the flexibility to choose when and where you receive care and to provide emotional and financial support for your family. WDIA encourages dentists to consider a Long Term Care Insurance

In 2014, the average annual cost of a nursing home in Washington was $102,000; an assisted living facility was $51,000 and inhome care with a health aide was $52,500.

policy as additional insurance protection for your financial

Washington Dentists’ Insurance Agency strongly believes in

wdiains.com.

the need for Long Term Care Insurance. Along with Disability

16 WAGD Newsletter | December 2015

security. To learn more about Long Term Care Insurance and to receive quotes, please contact Washington Dentists’ Insurance Agency at 206-441-6824 or 1-800-282-9342 or at info@

Washington Academy of General Dentistry 2015 Winter Newsletter  
Washington Academy of General Dentistry 2015 Winter Newsletter  
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