Why Do I Need Long-Term Care?

You should consider buying long term care insurance if:

  • You have assets and income you want to protect

  • You want to avoid burdening your family with extensive caregiving responsibilities

  • You don't want to depend on government programs for care

  • You want to be able to choose where you receive care

  • You want to receive high quality care

Even though you plan to remain healthy, active and independent, there's a good chance, at some point, you'll need help. Consider the following statistics:

  • Life Expectancy after age 65 has now increased to 17.9 years. The longer people live the greater the chances they will need assistance due to chronic conditions. (1)

  • About 12.8 million American of all ages requires long term care, but only 2.4 million live in nursing homes. (1)

  • About 44% of people reaching age 65 are expected to enter a nursing home at least once in their lifetime. (1) Of those who do enter a nursing home about 53% will stay for one year or more. (1)

Because women generally outlive men, they are more at risk!

  • Yes, the issue of Long Term Care should be especially important to women because they traditionally provide (Unpaid caregiving issues) and receive the majority of Long Term Care services.

  • After Age 65, women have a 50% greater chance than men of entering a nursing home (1)

  • 75% of nursing home residents 65 years and older are female, and 2/3 of home health care recipients are female. (2)

You Should Not Buy Long Term Care If:

  • You can't afford the premiums.

  • You have limited assets

  • Your only source of income is a Social Security benefit or Supplemental Security Income (SSI)

  • You often have trouble paying for utilities, food, medicine, or other important needs

  • You are on Medicaid

(1) "A Guide to Long Term Care Insurance", Health Insurance Association of America , 2006.

(2) "Long Term Care Insurance: Better Information Critical to Prospective Purchasers", U.S. General Accounting Office, Sept 13, 2000.

Disclaimer: Insurance products are offered through insurance companies with which we have sales arrangements. Not all products/features may be available in your state. Check with your Accountant or Tax professional on the tax issues associated with Long-Term Care insurance purchase and benefits. Associates of Clifton Park are not a part of Raymond James & Associates. Securities offered through Raymond James & Associates, Inc. Member FINRA/SIPC

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