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Long Term Care Insurance

Long Term Care Insurance

Help protect the quality of life for you and the people you love.

It is very possible that you, your spouse or your parent may someday need assistance with the basics of living. The phrase long term care is used to describe assistance with daily activities including getting dressed, bathing, eating, moving from place to place, and using the bathroom. It also refers to a situation where someone has a Severe Cognitive Impairment. Long term care can take place at home, in an assisted living facility, in a nursing home, or in the community through special programs.

The chance that any individual will require long term care at some time is substantial. In fact, people of age 65 face as least a 40% lifetime risk of needing long term care.1

Good planning is critical in protecting your independence, your assets and your choices. Unfortunately, long term care can be expensive. See the National Findings:

NATIONAL FINDINGS*

Nursing Home Base Rates

  • The national average daily rate for a private room in a nursing home is $77,745 annually.
  • The national average daily rate for a semi-private room in a nursing home is $68,985 annually.

Assisted Living Base Rates

  • The national average, private pay base rate for an individual residing in an assisted living community is $2,969 monthly or $35,628 annually.
  • Fifty-nine percent of assisted living communities provide dementia care services. Of those, 54% charge additional fees for dementia-related care with an average additional monthly cost of $1,110. The average monthly rate for those facilities charging additional fees for Alzheimer’s and dementia care is $4,270, or $51,240 annually.
* The MetLife Market Survey of Nursing Home and Assisted Living Costs, Oct. 2007.
All cost averages in this survey are rounded to the nearest dollar.

 

Because of the high costs, most of which tend to increase each year, good planning is critical in protecting your independence, your assets and your choices.

Making a decision about long term care insurance is a wise step to make. Of course, most of us do not like to think about aging or the possibility of either ourselves, our spouse, or our parent needing long term care. But having long term care insurance effectively removes the worry about many of the financial and emotional issues surrounding this very common life situation. Perhaps you will never need care. Perhaps you will. With long term care insurance, you know that, whatever life may bring, you are prepared.


Luttner Financial Group, a Lifetime Financial Growth Company is an Agency of The Guardian Life Insurance Company of America (Guardian), New York, NY. Securities products and services offered through Park Avenue Securities, LLC (PAS), member FINRA, SIPC. OSJ: 244 Boulevard of the Allies Pittsburgh, PA 15222, 412-391-6700 PAS is an indirect, wholly-owned subsidiary of Guardian. Luttner Financial Group, a Lifetime Financial Growth Company is not an affiliate or subsidiary of PAS or Guardian. Important Disclosures GEAR #2014-10161 (exp.08/16)