Long Term Care

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Why Long Term Care Insurance?
While you are working and earning, you are also hopefully building up financial assets. It's important to protect these savings and investments for your future financial security. The need for extended - or long term - care could be a threat. That's why there�s long term care (LTC) insurance. Long term care insurance helps preserve those assets, while providing you choice and flexibility in the services that you receive.

What�s the chance of needing long term care? Many people think of only elderly people as the ones who might need long term care. The fact is, many conditions that can create the need for long term care -- arthritis, heart disease, stroke, brain trauma, cancers and others � can affect people at any age. Consider this:

• More than 12 million Americans currently need long term care.
• Women face a 50% higher risk of needing long term care than men do, simply because women tend to live longer.

How much does long term care cost? The financial impact is significant, no matter whether someone receives care in a nursing home facility or at home from a skilled caregiver.

• As a national average, a year in a nursing home costs more than $56,000.
• Bringing someone into your home just three times a week to help with bathing, dressing, meals and household chores can cost $12,000 per year.
• Expenditures for nursing home and home health care totaled $117.1 billion in 1998. Medicare covered only 18% of that. Medicaid (available only after your resources have been depleted) covered 39%. Almost 30% of it � more than $35 billion � was paid out-of-pocket by individuals.

Where can I get coverage? LTC insurance coverage is readily available through most insurance agents. A growing number of companies are making LTC insurance available as a voluntary employee benefit that employees can choose to purchase based on their own needs. Some make LTC coverage available to family members of the employee as well. When purchased through an employer, premiums for the LTC coverage are often lower than privately purchased policies. Also, the younger you are when you buy the insurance, the lower your price will be.

Bob Adams, CLU
Adams Insurance & Investment Strategies LLC.
P.O. Box 1855
Dover, NH 03821
Tel: 603.842.4333
Fax: 207.636.8200

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