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
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@