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The Need for Long Term Care Insurance

The need for long term care insurance: Are you one of the 40 percent who isn’t prepared?

As you build your financial portfolio for your financial security now and in anticipation of enjoying a long retirement, you need to factor in the cost of care for when you need assistance in your home or become a resident of a nursing home or assisted-living facility. The average length of stay at a nursing home is 2.5 years, which in Washington state could cost you more than $272,000. You can designate money in your portfolio to cover the costs or you can purchase long-term care insurance.         

For 2015, the average annual cost of a nursing home in Washington was $108,800; an assisted- living facility was $57,000; and in-home care with a health aide was $56,500. 

Long-term care insurance will help you meet the cost of your and your spouse’s care should you need assistance with daily living. It gives you the flexibility to choose when and where you receive care and provides emotional and financial support for your family.     

70 percent of people over the age of 65 will require long-term care services at some point in their lives.

Long-term care insurance is similar to disability or life insurance in that you pay a monthly premium to have a pool of money available to you when you need it. Unfortunately, “long-term care” is not an accurate description of the benefits provided on a long-term care insurance policy. “Family freedom coverage” may be more accurate. This type of insurance frees you from the substantial financial burden of paying for care, while it frees your family from the burden of caring for you at the detriment of their time, finances, and physical and emotional well-being.

41 percent of people receiving long-term care are between the ages of 18 and 64.

Since the need for assistance, not age, is the trigger for receiving long-term care benefits, this insurance will cover you should the unexpected happen at any age. For example, if at age 47 an illness or accident leaves you needing care, you would be eligible to receive benefits. This would allow your spouse to continue working or caring for your children, while a professional caregiver comes to your home to help you with your daily needs, such as bathing, dressing, or getting in and out of bed. 

Washington Dentists’ Insurance Agency strongly encourages you to add long-term care insurance to your insurance portfolio. Along with disability and life insurance, long-term care insurance will protect you and your family from the large financial burden that an accident or illness may cause. Purchasing coverage will relieve your family members of having to center their lives on your personal care and give you the freedom to choose where you want your care to take place.

If you are ready to look at your long term care insurance options, please contact Washington Dentists’ Insurance Agency at 206-441-6824 or 1-800-282-9342.

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