Long Term Care Insurance

We live in a unique time in human history. Medical, nutritional and technological advances allow us to live far longer than our ancestors. Consider these facts:

•	It’s been estimated that two-thirds of all humans ever to reach age 65 are alive today!
•	In 1990, the number of Americans over age 65 was 5 million more than the entire population of Canada!
•	In the quarter century between 1990 and 2015, the 65+ age group will have experienced a 40% increase.

As we get closer to retirement, it’s natural for us to consider it more seriously. Some of us have planned carefully for retirement, many of us have at least thought about it. Part of each of our paychecks goes to Social Security and Medicare, which he hope will help provide for us in our “golden years.” We may contribute to private retirement plans, such as 401(k), IRA and other retirement plans. Some of us even have established annuities or other investments to supplement our retirement income.

Paying for the increased cost of living with a fixed income stream is a difficult challenge. But many retirees face an even more difficult task: paying for long-term medical care. The numbers are staggering:

•	The estimated amount spent on long-term care is well over $50 billion annually.
•	Almost 9 million people currently need or use long-term care.
•	50% of the health care costs of our entire lifetime is spent in the last 10 years of life.

What most people don’t realize until it’s too late is that Medicare provides very limited coverage for long-term care. For example, Medicare does not cover:

•	“Intermediate” nursing home care
•	Nursing home care unless it immediately follows a hospital stay – and then only part of the cost for 100 days.
•	Full-time nursing care at home
•	Non-medical care at home (such as household chores, meal prep, or personal care).

That’s where Long-Term Care Insurance comes in. LTC policies usually pay a fixed dollar amount for each day you are eligible for the benefit. Many offer inflation protection, guaranteed renewability, and level premium payments. As with life insurance, the younger you are – the earlier you plan ahead – the lower the insurance premium.

If you would like more information about Long-Term Care insurance, call Noyes, Hall & Allen at 799-5541.

Related Links:
American Health Care Association
A Shopper’s Guide to Long Term Care Insurance (Maine Bureau of Insurance)

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