What is Long Term Care?
Long term care involves a wide variety of services for people with a prolonged physical illness, disability or cognitive disorder (such as Alzheimer's disease). Long term care is not one service, but many different services aimed at helping people with chronic conditions compensate for limitations in their ability to function independently. Long term care differs from traditional medical care as it is designed to assist a person to maintain his or her level of functioning, as opposed to care or service that are designed to rehabilitate or correct certain medical problems. Long-term care services may include, but are not limited to, help with daily activities at home, such as bathing and dressing, respite care, home health care, adult day care, and care in a nursing home.
Persons with cognitive impairments generally need supervision, protection or verbal reminders to accomplish everyday activities. Persons with physical illnesses or disabilities often need hands on assistance with activities of daily living. The activities of daily living, shown below, are considered personal care (also know as custodial care) and are generally not covered by Medicare, Medicare supplement insurance, or major medical insurance provided by most employers.
- Bathing- Bathing oneself or getting in and out of a tub or shower
- Continence- Maintaining bowel and bladder control
- Dressing- Putting on or taking off clothing, appendages or necessary braces and fasteners
- Eating- Feeding oneself
- Toileting- Getting to and from the toilet and performing personal hygiene
- Transferring- Getting in or out of a bed, chair or wheelchair to move from place to place by walking, wheelchair or other means
Long Term Care Insurance
Long-term Care Insurance can help you shift a significant portion of the financial burden to a third party should you need long-term care. Current studies show that over half of women and nearly one-third of men age 65 years or older will need some type of assistance or will enter a nursing home. Long-term Care Insurance is currently the fastest-growing type of insurance being sold in the U.S.
RISK COMPARISON
How does long term care compare to other common risks?
For Every 1,000 People...
 |  |  |
| 5 will have a house fire | 7 will have an auto accident | 600 will need long term care |
| Average loss is $5,975 | Average loss is $3,000 | Average loss is $162,000 |
According to research published in the journal Inquiry by Kemper, Komisar, and Alecxih, most people who turn 65 in 2005 will, in their lifetime, need some level of long-term care.
| LTC need: | None | Some | 1 year or less | 1-2 years | 2-5 years | More than 5 years |
|---|---|---|---|---|---|---|
| Men | 42% | 58% | 19% | 10% | 17% | 11% |
| Women | 21% | 79% | 16% | 13% | 22% | 28% |
Recent trends suggest that 50 percent or more of the people who might have gone into a nursing home for long-term care will in the future go into an assisted living facility. Assisted living facilities generally cost less than nursing homes. For example, in mid-2005, a MetLife Mature Market Institute survey found a national average daily cost of assisted living facilities of $100, with a range from $55 to $155 across the U.S.
Chances are you carry insurance to protect yourself from the 5% chance of a house fire, and from the 7% chance of an auto accident.
Doesn't it make sense to carry long-term care insurance to protect yourself from the overwhelming cost when there is a 60% chance you will need it?
The smart, easy way to shop for long-term care coverage
To receive your free policy comparisons and quotes, please complete this simple, secure form. Answering the questions on this form will not result in a determination of your eligibility for coverage.
Your customized analysis includes:
- A review of each company's financial-stability ratings, experience and size.
- A thorough, side-by-side comparison of each policy's features.
- Price comparisons personalized to suit your specific need.
Protecting Those That Depend on You
You've made sound investments to ensure that those who depend on you (your spouse and/or your children) have a comfortable life. Like most healthy well-adjusted people, you believe you are going to live a long and healthy life and have plenty of time to deal with issues of protection. What would happen if you ever needed care for a long-term illness? Who would take care of your loved ones?
Decisions regarding insurance have an enormous impact on your family's lives; children and others often have no voice in these decisions. By taking the first step of inquiring about Long-Term Care Insurance, you are making a responsible decision for your family that you can feel good about. And this decision is one that will provide you and your loved ones protection should you ever need long-term care.
The cost of long-term care services is high, and will only go up in the future.
Currently, in Mississippi ...
- Home Health Care can cost up to $19,559 per year, or about $54 per day(1). Based on a sample of Home Health Aide reates at 25 hours of service/week.
- Assisted Living Facility Care can cost up to $19,703 per year, or about $54 per day(2). Based on a sample of monthly care rates.
- Nursing Home Care can cost up to $60,887 per year, or about $167 per day(1). Based on a sample of private room day rates.
Your actual long-term care costs may vary.
Everybody's needs are different.
Long-Term Care Insurance can help you protect your family and their financial future with a range of features and options customizable to your current and future needs. You'll be amazed to learn how our Benefit Riders and Flex-Pay Riders can help you create an individualized plan for your future independence!
Most people think Medicare or Medicaid will cover their long-term care needs.
The truth is Medicare and other traditional medical plans are not designed to pay for long-term care services. And in fact, Medicaid mandates a "spend down" of your assets before it's coverage can be utilized.