Long Term Care
  
Long Term Care is the assistance individuals need when they are unable to care for themselves and need help with Activities of Daily Living (ADL)s - bathing dressing, transferring, toileting, continence and eating - or they have a severe cognitive impairment. The need for Long Term Care can result from an accident, chronic illness, and short-term disability or from advancing age.
  
Why buy Long Term Care Insurance?
  
To avoid being a burden on their family and friends for care. This coverage provides a way to protect your assets, your standard of living and avoids creating a burden for your family. Long Term Care insurance protects your lifetime savings from the ever-increasing cost of needing long term care, whether in your own home, an Assisted Living Facility or even a nursing home.
  
Nursing home care can cost an average of $52,195 annually Home Health care can cost an average of $23,400 annually (for a Home Health Aide) In some regions, it may cost twice as much * Mature Market Institute, "Metlife Market Survey on Nursing Home and Home Care Costs," 2002
  
To maintain their choices on how and where to receive care. Only by being financially independent can you make your own choice on whether to stay at home or go into the facility that you feel is best for you. Medicaid participants will not be able to stay at home or enter an assisted living facility. The state will decide where and how you will be cared for.
  
To access quality care. Long Term Care insurance provides the funds that can make the difference in selecting the facility of your choice.
  
To protect lifetime savings and retirement income. Without Long Term Care insurance, you will have to spend down your own lifetime savings. Health insurance or Medicare does not cover Long Term Care. Medicare only paid 13.7% of all long term care services ** Department of Health and Human Services, HCFA, Office of the Actuary, National Health Statistics Group, 2001
  
Additional features and riders are optional and will affect the premium cost. Most companies offer additional discounts for preferred health and spousal discounts. Plans can be customized to fit your needs and objectives.
  
How Does It Work?
  
Long Term Care Insurance covers the cost of long term care up to the dollar amount specified in the policy. When your doctor states that you need assistance with 2 or more ADLs, or you require substantial supervision for cognitive impairment (dementia, Alzheimer's), the insurance will pay for your long term care costs. Obviously, this insurance must be purchased prior to needing long term care.
  
 
 
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