Long Term Care Insurance

Long Term Care Insurance

Now that you’ve decided Long-Term Care Insurance is important, you need to know how it works… and how to buy it without over-paying.

You pay a premium based on your age when you apply; in return your insurance provider would pay for services in the form of home care, assisted living facility or nursing home on your behalf. It is most likely that you will receive custodial care in your home, with an aid coming to help with everyday things like cooking and cleaning, and helping with your Activities of Daily Living or ADL’s which are eating, bathing, dressing, transferring, toileting, and continence.

Experts believe 48% of people 65 or older will eventually need Long-term Care and with the average life expectancy for men over 80 and women 84 years modern medicine is helping seniors live longer, which increases there chances that someday they will need Long-term care.

2011 Average Cost of Long Term Care in New York

• Nursing Home – $81,477
• Assisted Living Facility – $44,519
• Home Care – $35,209

Ask yourself these questions then CALL to schedule your Long-Term Care Insurance review.

1. Do you want to maintain your independence by receiving home health care in your own home where you are most comfortable?
2. Do you have assets that you want to protect like Savings, IRA’s, 401K, CD’s, Stocks?.
3. Would you want to depend on your children and family for your long term care?
4. Would you deplete your savings and give away your home to receiving potentially substandard care from a Medicaid nursing home?

What if you could protect yourself from possibly the greatest financial risk you will face in your retirement years? With Long Term Care Insurance, most, if not all, costs can be covered, depending on the policy. There are various long-term care plans ranging in price and affordability including the NYS Partnership which offers additional savings to NYS residents. Schedule an in-home review with a long-term care expert that will help you decide if LTC planning is right for you.

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