Long term care insurance premiums are lower the younger you are when you buy.
So, it makes sense to purchase coverage when you are younger and when premiums
are more affordable.
To Take the LTC Quiz
click here
Then Contact Janasko Insurance to get your
FREE
Long Term Care quote.
*This
article taken from the Federal LTC web site.
A lot of us think that only senior citizens need to worry about
long term care, so we put off preparing for the possibility. The fact is that
untimely accidents or illnesses can strike at any age. While 60% of people who
will need long term care are 65 or older,
40% are working age adults between the ages of 18 and 64.
"My Family Will Take Care of Me"
This might have been a reasonable assumption years ago, when
grown children tended to settle near their parents and women stayed at home. In
today's society, children may live across the country or around the globe. And
many women are active in the workforce, with less time to fulfill their
traditional caregiver role.
"Medicare
and Medicaid Will Cover My Bills"
Medicare is generally available for those who are disabled and
for people over age 65 and only pays limited amounts for skilled care following
a hospital stay. Medicaid is the government program to help those in financial
need. It won't kick in until virtually all of your assets and your spouse's
assets have been consumed. People who have higher assets or income may end up
"spending down" their savings and assets in order to be eligible.
"I Can Save Enough On My Own"
The average nursing home stay is 2.6 years and the national
annual cost of a semi-private room is $52,000. By the year 2030, it is
estimated that the cost will be $190,600.
In 2000, the average cost for assisted living facility was
$25,300. By the year 2030, the average annual cost is projected to be $109,300.
Costs also vary based on the level of assistance you need.
The national average annual cost of home care is well over
$20,000 - and it's expected to climb to
$68,000 by 2030.
Will you have saved that much to pay for these types of
expenses? And, if you have that much money, will you want to spend it for long
term care services? Many people will find that their assets will be depleted
rapidly if they have to pay for long term care services out-of-pocket.
