Long Term Care Alternative
When my mother-in-law was living in Florida her insurance ran out. She was lying in a nursing home bed, not being attended to (not enough staff) when they called to tell us she was going to be transferred to a homeless shelter if we didn't fly from Oregon to "retrieve" her; with in two weeks when her insurance ran out.
That was a big surprise dropped on us, and a large expense to fly to Florida and back. We then had to figure out what to do next, whom would care for her, where would she live, etc. What a whirl wind trip that was. Having a Long Term Care plan in place would have been such a blessing and would have relieved us of SO much emotional and financial stress. What made it unexpected is that she was a YOUNG 64 at the time of the event. Long Term Care needs to be in place, for the unexpected, before you need to utilize it.
We now her living in a community home, which isn't idea as we'd rather have her living with us, however, she needs constant attention and we can not afford to pay for care in our home when we are working...and the government will not pay for family members to take care of her.
So the research started. Did you know there is a way that, when you get older, you can "live in the comfort of your own home", while receiving long-term care (LTC) from a Family Member or Friend?
More Options...Less Hassle. VIDEO: Long Term Care Misconceptions
This particular product allows you to use your LTC benefits for whatever you like (no receipts needed). This means you can "pay" your spouse to take care of you or use the money to make a home modification to allow for a wheelchair or special bed, etc. for up to 100% of the monthly cash value selected on the application. Most LTC plans only allow "qualifying expenses" to be reimbursed and not to exceed the maximum monthly benefit set by the government. As stated above, you do not have to submit monthly bills or receipts and if you don't use the full amount one month it may be saved for future use. Very few plans allow you to "bank" left over monthly funds. If you don't use the Long Term Care product, your beneficiary will receive the death benefit instead.
There is a 70% chance at age 65 that a person will require some form of Long Term Care. Wouldn't you like a flexible Long Term Care plan (LTC), where you get to choose how and what to spend the money on...no restrictions, including the option to pay for informal care from family and friends. And, if you don't use the Long Term Care product your beneficiary will receive the death benefit instead.
Long term care is usually associated with nursing home care, however, over half of long term care services are actually provided with in the walls of your own home.
Long term Care in private home 51%
Long term Care in a nursing facility 31%
Long Term Care in a community home 18%
Youngest Claimant - 27 years old
Oldest Claimant - 103 years old
Most expensive claim (still ongoing) - $1.3 million
Percentage of claims lasting more than 5 years - 15%
Average length of claim if more than 1 year - 3.9 years
Annually: 8,357,100 people receive support from the 5 main long-term care service
Home health agencies (4,742,500)
Nursing homes (1,383,700)
Residential care communities (713,300)
Adult day service centers (273,200)3
Above are just a few of the great benefits of a cash indemnity LTC Life insurance. Please let me know if you would like more information or a quote.
1 Center for Disease Control and Prevention (2013) Long- Term Care Services. Retrieved (January 2015) from http://www.cdc.gov/nchs/data/nsltcp/long_term_care_services_2013.pdf
2 Genworth Facts 2004 Study
3 .1[Updated February 2015
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