What is Long Term Care Insurance? 
To understand long-term care insurance, think through your daily routine-all the activities you do each day that you give little thought. Before you can even begin your day, for example, you shower, brush your teeth, shave or put on make-up, dress, and eat breakfast. For most of us, this all happens in less than one of the 24 hours we have each day. What would happen if you could no longer do these things for yourself?
Long-term care insurance provides benefits and services to assist those who are no longer able to care for themselves independently. Statistics show that over 80% of these benefits and services are provided AT HOME! A comprehensive LTC insurance policy will provide benefits and services wherever you may need them, at home, adult day care, assisted living, or nursing homes.
Many of us will need this help. One person in five over the age of 50 is at high risk of needing long-term care in the next 12 months, and the American Society on Aging estimates that after age 65, we have more than a 70 percent chance of needing some form of long-term care.
As I counsel with people about their long-term financial security, I hear many of the same questions. Here are some basic answers to the most frequently asked questions:
I'm really healthy right now...why would I need long term care insurance?
Nearly half of all Americans will need long-term care at some point in their remaining lives. In fact, one in five over the age of 50 is at high risk of needing long-term care within the next twelve months. You may be in good health today...but if your health changes, even as early as tomorrow, you may not be able to get insurance at any price. And then you could be faced with paying all the bills yourself.
I already have health insurance. Why would I need long-term care insurance also?
There is a big difference between the two. Health insurance generally pays for the cost of treating illness or injuries. Medicare is quite similar. Long-term care insurance is designed to cover ongoing care and services for those unable to care for themselves. Health insurance does not pay for help with personal care. Medicaid only pays for long- term care once you are impoverished.
Won't Medicare pay for my long-term care needs?
Generally, neither Medicare nor private Medicare supplemental insurance nor the health insurance you may have either on your own or through your employer will pay for long-term care.
What are main advantages of having long-term care insurance?
Freedom and asset protection. A key advantage is freedom to choose where and how you want to receive care. For most people, that means the freedom to remain in their own home. Another important reason is to help protect assets and savings against the rising cost of care. Still another reason is that you will not have to rely on family for all your needs.
Am I too young to be thinking about long-term care insurance?
Forty percent of the 13 million American receiving long-term care services are between the ages of 18 and 64. Premiums are based on your age at the time you apply. The younger you are, the lower your premiums.
What are the odds of it happening to me?
The potential of making a claim on your homeowners insurance due to fire is 1 in 1,200. The potential of using your auto policy is 1 in 240. The potential of needing long-term care is 1 in 2. The odds of needing care at ANY age are greater than you might have thought.
What about my family? I'm sure they would be willing to take care of me.
Although it's common to ask family for help, those you love cannot always carry out caregiving responsibilities. Sometimes family members are emotionally or physically unable to care for a loved one. Families needing both spouses' incomes, geographic differences and travel time can also compound the problem. All this could affect productivity...and that could lead to major problems, even affecting job stability.
Please call us at 859-233-1083 or email John Cooper to find out more about whether you need long-term care insurance.