As you build your financial portfolio both 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 2.4 years, which in the Seattle area would cost you over $200,000. You can designate money in your portfolio to cover the costs or you can purchase Long Term Care Insurance.
In 2010, the average annual cost of a nursing home in Washington was $90,000, assisted living facility was $48,000 and home care with a health aide was $58,000.
Long Term Care Insurance will help you meet the cost of your spouse’s and your care should you need assistance with daily living. It gives you the flexibility to choose when and where you receive care and to provide emotional and financial support for your family.
Seventy 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 are paying 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 a bit 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.
Forty-one 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 came 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 your family and you from the large financial burden that an accident or illness may cause. Purchasing coverage will relieve your family of having to center their lives around your personal care while giving you the freedom to choose where you want your care to take place.
To learn more about Long Term Care Insurance and to receive quotes, please contact WDIA at 206-441-6824 or 1-800-282-9342 or at email@example.com.