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 if you need assistance in performing the activities of daily living. This care can take place in your home or as a resident in an assisted living facility or a nursing home. The average length of stay at a nursing home is 2.4 years, which 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.
70 percent of people over the age of 65 will require Long Term Care services at some point.
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.
In 2012, the average annual cost of a nursing home in Washington was $97,000, assisted living facility was $51,000, and home care with a health aide was $50,000.
Washington Dentists’ Insurance Agency strongly believes in the need for Long Term Care Insurance. 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 would like your care to take place.
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.
Having Long Term Care Insurance will help you meet the cost of your spouse’s and your care should you need assistance with daily living at any age. It gives you the flexibility to choose when and where you receive care and to provide emotional and financial support for your family. WDIA encourages dentists to consider a Long Term Care Insurance policy as additional insurance protection for your financial security.
To learn more about Long Term Care Insurance and to receive quotes, please contact WDIA at (206) 441-6824 or 800-282-9342 or at firstname.lastname@example.org.
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