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:
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 Care 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 coverage 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 members 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
Represent all major LTCI carriers
Licensed in 49 states
Who We Work With
Services We Offer
Audits of current coverage
Enrollment and benefit communication services
On-going administrative support