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Individual Long Term Care Insurance

An unfortunate realization sometimes in life is that a long term illness or chronic condition may result in you are someone you love requiring care through extended care at home, in an assisted living facility or nursing home. Many people however, are often unaware just how costly these services can be and find themselves in a position where funds are not available to cover these costs. Long term care insurance (LTCI) may help to cover these unforeseen expenses, which can be steep. It can help you maintain your financial freedom and give you the flexibility to participate in making choices that impact your care or the care of your loved one; choices about the services you receive, where you receive them and of course, who provides these needed services. Long Term Care Insurance is also more affordable than you may think! Find out just how affordable it can be by getting a quote now.

So who needs long term care and long term care insurance?

Long term care and long term care insurance is not just for the elderly (an often misconception). The need for long term care can apply to anyone who can no longer carry basic activities of daily living (ADL). By definition, these activities are as follows:

  • Bathing: includes grooming activities such as shaving, and brushing teeth and hair
  • Dressing: choosing appropriate garments and being able to dress and undress, having no trouble with buttons, zippers or other fasteners
  • Eating: being able to feed oneself
  • Transferring: being able to walk, or, if not ambulatory, being able to transfer oneself from bed to wheelchair and back
  • Continence: being able to control one’s bowels and bladder, or manage one’s incontinence independently
  • Toileting: being able to use the toilet
Likewise, the inability to carry any of the above basic activities of daily living could be the result of:
  • Accidents
  • Illness
  • Advanced aging
  • Stoke
  • Other chronic conditions
  • Moving in and out of bed

Why should I buy Long Term Care Insurance now? Why not wait?

Very simply put, a long term care insurance policy will allow you to feel confident about your future and provides you with resources and funds to help cover the unknown [and usually very high] cost of long term care. Without proper planning, individuals often find themselves without the resources needed to provide for long term care services. Even worse, decades of savings can be easily depleted in a very short time. Some of the best reasons to buy long term care insurance are:

  • Minimize your financial exposure and take responsibility for protecting assets
  • Avoid being a burden to loved ones
  • Enhance your choices and independence — to receive care in the preferred setting

Likewise, when it comes to planning for long term care and purchasing a long term care insurance plan, there are two important reasons to address your future needs sooner rather than later:

  • The cost of long term care insurance is primarily based on your age and health when you apply for the coverage. Therefore, the younger and healthier you are, the more affordable your insurance policy will be.
  • Many people don't realize that the coverage you buy for your future can also help protect you today. If an accident or illness were to occur when you were relatively young, which required you to need long term care, owning a long term care insurance policy would ensure you have coverage to help pay for the cost of care. At a young age, this could mean decades of long term care assistance is required.

Just how much could the cost of caring for myself or a loved one be?

We hope you're sitting down... While the cost for long term care services will vary by the state you are located in, you can take the following general averages* into consideration:

  • In New York, the average cost of long term care services can be around:
    • $$135,000 Annually for a Nursing Home
    • $127,000 Annually for an Assisted Living Facility
    • $45,000 Annually for Home Health Care
  • In California, the average cost of long term care services can be around:
    • $110,000 Annually for a Nursing Home
    • $47,000 Annually for an Assisted Living Facility
    • $44,000 Annually for Home Health Care
  • In many Midland States, the average cost of long term care services can be around:
    • $80,000 Annually for a Nursing Home
    • $55,000 Annually for an Assisted Living Facility
    • $40,000 Annually for Home Health Care

The costs of long term care are usually not fully realized until the time for such care has come. Very few people make the necessary plans and preparations to afford these costs. However, by being proactive in your earlier years and purchasing long term care insurance, you can help reduce the uncertainty of later years and maintain control over important care decisions, your assets, and your family’s future.

*Figures may not be exact as they are approximate averages based on a grouping of estimates provided by insurance carriers and providers.

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1400 Wantagh Avenue • Suite 101 • Wantagh, NY 11793
T 516.882.1226 • F 516.804.6445 • E

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