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Consider These
Unbelievable, Real-Life, Long Term Care
Statistics
No one desires long term care.
In fact, Census figures
show that only 1.34% of the US population resides in
institutions. Nobody wants to go to a nursing home for their
long term care. Folks want the affordable alternatives that
long term care insurance can provide - Without depleting
family resources. For example:
Your home is your castle. Why
not stay there?
Most people prefer to receive
long term care at home as long as it's affordable and
appropriate. There is one advance planning tool that is
gaining a good deal of popularity lately - Long Term Care
Insurance that allows you to STAY IN YOUR OWN HOME. You can
get personal , at-home homemaker & companion services -
plus, assisted living facility and even nursing home benefits,
if it gets to that point.
After that, most people prefer
to reside in an assisted living arrangement for long
term care rather than going to a nursing home (It helps to
have long term care insurance to pay for this
non-institutional care, and to support at-home long term care
as long as possible). This is how long term care insurance can
help keep you out of a facility.
Even so,
there is nearly a 50%
chance that, during retirement, due to
medical conditions or extended longevity, a person will
eventually end up requiring 24-hour skilled nursing care in a
long term care facility.
Long Term Care Cost
Analysis
Long Term Care -
Leading Causes & Average Lengths of Nursing Home Stays
(from Financial Planning News, March 1994)
| Leading Causes: |
Length of Care: |
|
Total Cost if in a Private Room
@
$158 /
day: | |
Semi-
Private Room @
$112 /
day: |
| Alzheimer's |
96
months |
$455,040 |
$322,560 |
| Cancer |
36
months |
$170,640 |
$120,960 |
| Cardiac |
16
months |
$
75,840 |
$
53,760 |
| Diabetes |
48 months |
$227,520 |
$161,280 |
| Pulmonary |
36 months |
$170,640 |
$120,960 |
| Stroke |
21 months |
$
99,540 |
$
70,560 |
These figures will
inflate at least 5% annually. So, 10 years from now,
the average, long term care, private room, Alzheimer's stay
will cost each family
$ 910,080
.
Wow! Do you want
your family to pay THAT out of the savings? Or would long term
care insurance be a possible solution?
"But isn't Long Term
Care Insurance TOO EXPENSIVE?"
BREAK-EVEN
ANALYSIS
Long term care
insurance can cost from under $100/mo. to over
$1000/mo.
It can seem expensive,
yet consider this:
At 5% annual compounded
inflation, in 10 years, actual real-life care costs could
mount to over $94,000 per year (or
$7833/mo.)!!
This means if you pay
$4,700 annual long term care insurance premium investment
for 10 years, you will BREAK EVEN within only 6 months of
receiving care.
Just do the math!
The annual long term
care insurance premium investment is often less than the
actual cost of just ONE MONTH in a care situation. Long term
care insurance may make good financial sense for
you.
NOTE: Recent industry
articles indictate that long-term care insurance is such a
valuable planning tool that financial advisors may face legal
action if they neglect to at least recommend consideration of
coverage. (Trusts & Estates Magazine, July
1994)
The early bird gets the
worm because the lowest long term care insurance prices are
locked in at the younger ages and are designed to remain level
thereafter. HOW MUCH WILL LONG TERM CARE INSURANCE COST you
for YOUR unique circumstances? - To get your personalized,
multi-company, price comparisons for long term care insurance,
click
below | 
