1. 12689 POINTS
    Ted RatliffPRO
    Owner, SFS Associates,
    Statistically, nearly everyone will at some point need some type of care in their lifetime.  As we get older our health declines.  We are unable to do things for ourselves.    The cost can be tremendous.  Nursing Home average cost is between $6000 and $7000.  Cost for Assisted Living runs around $4000.  Home Health Care runs between $15 and $20 per hour.  Medicare is very limited on what they will pay and does not pay for custodial care.  The options, the family can try to care for the loved one.  While many families try to take care of their loved one at home, the burden can be great, especially if the family has children in addition to caring for a loved one.  Very often the situation is so bad it becomes nearly impossible without help.  You can private pay for help either at home or a care facility, but it doesn't take a mathematician to figure out that any assets would be rapidly depleted leading to the final option, go on Medicaid.
    Long Term Care provides funds to pay for care without having to lose everything you have worked hard to provide and the legacy you wanted to leave behind for your children and grandchildren.  It relieves the burden and embarassment of having our personal needs taken care of by family members.  Anyone who has ever been a caregiver knows how hard it can be.  Why buy Long Term Care Insurance?  Because you love your family!
    Answered on July 2, 2013
  2. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    You should purchase long term care for your retirement years. The statistics are significant that you’ll experience a need for assisted living or perhaps nursing home confinement. The average married couple spends $250,000 on medical and extended care during their retirement years. Securing long term care is important, especially when you're healthy and heading into your late fifties, early sixties.
    Answered on July 2, 2013
  3. 278 POINTS
    Patti Goldfarb
    Principal, Employee Benefits Advisors Group, Ridgefield Park, NJ
    70% of people who are 65 years old will need to use some type of long term care in their lifetime. And, as they age the likelihood of needing long term care will increase. The cost for this care is very expensive and it is not covered by conventional health insurance - commercial carriers or Medicare. This is because our health care system is geared to acute care not long term care.

    According to the 2015 Genworth survey the national average cost for a semi-private room in a nursing home is about $80,000. More, for a private room. Home Health care costs average $20/hour. These expense arise when most people are living on a fixed income with little room for added expenses. Especially, unplanned ones. Baby boomers have not been great at planning for retirement. One year of long term care can ruin someone's retirement plans. This is what happens in many cases; families deplete their assets and end up qualifying for Medicaid (aka Welfare) to pay for long term care expenses.

    The question people need to ask themselves is when the need for long term care arises, will they have the money to pay for this care? This is what long term care insurance can do for them. Insurance is the only financial vehicle that promises a specific amount of money at a point in time. There is no other. Even though this can be an expensive premium, depending on the age at which the policy is purchased, compared to the benefits paid, it is worth the outlay for most people.

    Not only because it will help pay the bills. Long term care insurance policies offer additional benefits that most people are unaware of. Most importantly, all carriers offer optional care management to assist with the difficult decisions about care, choosing facilities and offering discounts on major providers of care. Many times families need someone to discuss options with who is educated about all the options available and isn't emotionally involved with their situation. This is where the care manager can be of tremendous help and the family does not have to go to the expense of hiring a geriatric care manager. The policies will also pay for modifications to be made to the home to keep the person at home rather than moving them to a nursing home.
    Answered on May 12, 2015
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