As life expectancy rises, the major concern facing Americans today isn't dying too soon, but living too long! Research shows that five out of ten individuals over the age of 65 will requires some form of Long Term Care in their lifetime. According to the Health Insurance Association of America, the average cost of a nursing home can reach $50,000 a year nationwide. In New Jersey it can easily reach $70,000! The financial and emotional costs of such care can be devastating.
What is Long-Term Care Insurance?
It is an insurance policy designed to cover a wide range of Long-Term Care services. If you are unable to care for yourself because of a prolonged illness or disability, Long-Term Care Insurance may pay for the kind of services you need. Such services may include help with daily activities such as dressing, walking, eating, bathing, toileting along with maintaining continence in your home, adult day care, care in a nursing home or care in an assisted living facility.
Who needs Long-Term Care Insurance?
Whether or not you should buy a Long-Term Care Insurance policy depends on your age, health status, overall retirement goals, income and assets. For example, if your only source of income is a Social Security benefit and you have very little assets, you probably shouldn't buy Long-Term Care Insurance.
How much does Long-Term Care Insurance Policies Cost?
A policy can be expensive. Premiums vary based on your age and health and the level of coverage, benefits and options you select. The older you are the higher the premium. If you buy at a younger age, your premiums will be lower, but you will pay premiums for a longer period of time. Recent studies have found the average age of purchases was age 65, but the current trend is for younger people to buy Long-Term Care Insurance to lock in a better rate on the policy.
How do I get more information?
Many find that attending AAA's Long-Term Care free seminar provides them with the answers they need. This 1 hour and 30 minute seminar is not a "High Pressed Sales" presentation, but an informative session to address this topic along with the opportunity to ask questions.
Florham Park Branch
Call to register: 1-888-390-4547 ext. 4015
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