|
 |
|
|
Why Should You Consider Long Term
Care Insurance? |
 |
As you age,
there's a good chance you'll need assistance with day-to-day
activities. And that assistance can be expensive. Long-term care
insurance can help pay for the care you'll need, while helping you:
 |
Protect your
retirement assets |
|
Maintain
your independence |
|
Avoid
becoming a burden to your family |
What is long-term
care?
Long-term care is
assistance people need when they no longer can care for themselves.
This may be due to an accident, disability, prolonged illness or the
simple process of aging. Long-term care services include:
|
Help at home
with day-to-day activities, such as cooking, cleaning, bathing and
dressing |
|
Care in the
community, such as in an adult day care facility |
|
Supervised care
provided in an assisted living facility |
|
Skilled care
provided in a nursing home |
What do long-term
care services cost?
Long-term care
services can be expensive, and costs vary widely based on where you
live. Nationally:
|
The average
daily rate for a private room in a nursing home is $203, or
$74,095 per year |
|
The average
daily rate for a semi-private room in a nursing home is $176, or
$64,240 per year |
|
The average
hourly rate for a home health aid is $19 |
|
The average
hourly rate for a homemaker/companion is $17 |
Source: The
MetLife Market Survey of Nursing Home & Home Care Costs, September
2005, MetLife Mature Market Institute
How will I pay
for long-term care services?
You have a
variety of options when it comes to paying for the long-term care
services you need. Here are some:
|
You can pay for
these services out of your own pocket and risk depleting a
lifetime of savings |
|
You can apply
for Medicaid, but you will be required to spend down your assets
to meet federal and state requirements in order to be eligible
|
|
You can
purchase an individual long-term care insurance policy
|
How can long-term
care insurance help?
Long-term care
insurance provides benefits to help you pay for the long-term care
services you need when you need them. An individual long-term care
insurance policy is an important part of your financial portfolio.
It can help you to:
|
Protect your
assets so you have the money to do all the things you planned to
do in retirement |
|
Preserve your
estate so you have something to pass on to your heirs |
Long-term care
insurance also can give you peace of mind knowing you can:
|
Remain in your
home |
|
Receive the
quality care you need |
|
Avoid burdening
your family with the responsibility of caring for you |
|
|
|
|
|
