BE FINANCIALLY PREPARED, LET YOU BE THE ONE IN CHARGE OF YOUR CARE

Long Term Care is to any older adult like Halloween to children, SCARY. Nobody likes to even think about nursing homes. The reality is this, many people will have a need for it. Look at this new report from Metropolitan Life.

The problem now as we approach 2025, Long term Care has changed.  The premiums have skyrocketed due to utilization (people are aging) and inflation has affected the cost of care to levels never seen.

On top of this premiums are guaranteed renewable BUT not guaranteed to remain level.  Therefore, uncertainty of being able to afford future rate increases are problematic.

This brief article is not going to elaborate on the percentage of people in nursing homes, percentage that are women, percentage that is related to dementia, and on and on. You can find these disturbing statistics published everywhere. We will tell you that the COST of Long Term Care is expensive. In 2011, the average cost of a private nursing home according to MetLife’s report, is over $87,000!  Now, we cannot even venture to put a cost number on it!

Now understand, Long Term Care is NOT only nursing home care. It can be used for in home care too. Many people do not realize this, but it is one of the most important components of a LTC policy.

Long Term Care: Is it expensive?
YES, but compared to the cost of care, NO. But let me reiterate, YES, it is very expensive.

Is it difficult to understand?
Actually, LTC is not complicated. You just have to answer a few questions.

  • How much do you want per day?
  • How long do you want it to last?
  • How long do you want to wait until you receive your benefit?

It is all the variables that make it seem complicated. On top of this, some states, New York included, had Partnership Programs that were discontinued or no longer available.

So, what is the answer?  Call us 315 622-7000. to discuss costs and needs analysis.  Look at your options.

INSURANCE & FINANCIAL SOLUTIONS THAT WORK

If you want an unbiased view about Long Term Care, Contact us.

We will help you understand the best way to purchase this insurance.