Long-term Care Insurance
What is long-term care?
Defined as the assistance or supervision you may need with some of the activities of daily living.
And/or because of:
- Chronic Illness
- A severe cognitive impairment, such as dementia, Alzheimer's disease or brain injury
- Other Chronic Conditions
Long term care can be received at home, in the community or in a nursing home or assisted living facility.
Long-term care is getting more expensive:
Annual median cost of care in the United States currently and in 20 years. (Estimates how much care might cost based on a 5% annual growth rate.)
- In-home care today (44 hours): $44,479 and in 20 years $112,396
- Assisted Living today: $41,400 and in 20 years $104,615
- Nursing Home today (private room): $83,950 and in 20 years $212,138
(Genworth 2013 Cost of Care Survey, conducted by Care Scout April 2013. Based on national median costs.)
What are the factors in setting your Long-term Care insurance premiums:
Two main determining factors in setting your initial Long-term Care insurance premium are your health and your age.
- Generally, the younger you are the more affordable the premium.
- You may also qualify for good health discounts at younger ages
How do you pay for Long-term Care?
- Your savings and investments
- Family and Friends
- Medicare — may cover short term care
- Medicaid — Government program once you have depleted your assets.
- Long-term Care Insurance
Long-term care is a reality and challenge
Long-term care insurance allows you to transfer the risk of long-term care costs to an insurance company.
- At least 70% of people over the age of 65 will need long-term care services. (Medicare & You, National Medicare Handbook, Centers for Medicare and Medicaid Services, Revised Nov. 2012)
- 40% of those persons receiving long-term care are between the ages of 18 and 64 (Oliva, Jason Majority of Americans Ill-Prepared for Long-term care needs. Reverse Mortgage Daily. Aug 15, 2013)
- 3.9 years is the average length of long-term care claim lasting longer than on year. (Claims data for Genworth Life Insurance Company and affiliates - Dec 1974 - Dec 31, 2012)
- 4 – 8 years is the average life expectancy after Alzheimer's disease diagnosis after age 65. (Source: 2012 Alzheimer's Disease Facts and Figures, Alzheimer's Association, March 2012)
What We Do
- Voluntary plans
- Corporate carve-outs
- Individual policies
- Represent all major LTCI carriers
- Licensed in 49 states
Who We Work With
- Healthcare companies
- Medical practices
- Law Firms
- Non-profit organizations
- Private companies
- Family-owned businesses
Services We Offer
- Market surveys
- Audits of current coverage
- Enrollment and benefit communication services
- Individual consultations
- On-going administrative support
- Annual reviews
- Claims handling