The Walker Winslow Financial Group, LLC, has over thirty two top rated Long Term Care insurance companies available to you the customer. We can provide you with options and alternatives on the top rated plans available instead of working with an advisor that has only one or two options for you to consider.
What is Long Term Care Insurance?
Long Term Care Insurance provides benefits to help manage the cost of long term care services. The long term care services are needed when you cannot function on your own. The assistance may be needed for a variety of reasons, such as an accident, physical disability, chronic health conditions and other medical problems that may require lengthy medical care. A Stroke, Alzheimer‘s, Parkinson‘s and Multiple Sclerosis are examples.
Many Americans believe that people receive long term care in nursing homes. Most Americans 78% of adults actually receive care at home 1. Long Term Care insurance policies cover varying levels of care. These can include skilled, custodial or personal care at home and in a variety of settings.
Can I Afford Long Term Care Insurance?
Reaching your goals and living like you want is all about planning for your future. Long Term Care Insurance is more affordable than you might think. The Walker Winslow Group offers Long Term Care Insurance policies that are designed to meet your preference of care as well as your budget. The cost of coverage is based upon your age and health when you apply. The younger and healthier you are the lower the cost.
Click here to determine the current cost of Long Term Care in your area.
When Should I Buy Long Term Care Insurance?
Long Term care Insurance is a wise purchase when you‘re young. You can protect your savings and investments now and into the future. A long term illness or accident can strike at any age, when it does, you want to ensure that you have the right coverage so you can remain independent and self sufficient.
1. AHIP LTC Insurance Market Surveys. Reported by 11 of the 13 sellers identified as having sold 80% of all individual and group association long term care insurance policies in 2002
Contact us to discuss your Long Term Care Insurance Options with a Walker Winslow Associate today.
Facts and Myths About LTC
Many people think they will never need Long–Term care, are unaware of the cost, or think that the government will pay. Unfortunately, the facts don't support these assumptions.
Risk of Needing Long–Term Care
Over half of women and nearly one–third of men 65 and older will stay in a nursing home sometime during their lifetime (The Risk of Nursing Home Use Later in Life, Medical Care 28(10): 952-62).
The estimated risk of a 65–year old entering a nursing home at some point in his/her life is about 48.6% (Lewin–VHI, based on the Brookings–ICF Long–Term Care Financing Model, cited in HIAA, Long–Term Care: Knowing the Risk, Paying the Price, 1997, p. 132).Today about one in five Americans older than 65 and almost half of Americans 85 and older who live in the community require assistance with their everyday activities (65+ in the United States, Current Population Reports, Bureau of the Census, 1996, as cited in Who Will Pay for the Baby Boomers‘ Long–Term Care Needs? American Council of Life Insurance, April 1998, p.12).
The lifetime risk of nursing home admission is 36% at age 45 and 56% at age 85 (Murtaugh, Kemper, Spillman, & Carlson, 1997, The amount, distribution, and timing of lifetime nursing home use, Medical Care, 35 (3), 204-218).
Percentage of people who use LTC
Of those needing Long–Term care, 57% are elderly, 40% are working age, and 3% are children (GAO/HEHS-95-109 Long–Term Care Issues, p. 7).
Nursing home costs
The current national average cost of a nursing home is over $40,000 per year and in some parts of the country can be much higher — amounting to $60,000 or $80,000 per year (Long–Term Care Planning: A Dollar and Sense Guide, United Seniors Health Cooperative, August, 1997, p. 64).
Medicaid Guidelines
"In many states, a single person needs to spend down to as little as $2,000 in assets. You are also allowed $1,500 for a burial fund. In about half of the states, you are eligible for Medicaid as soon as your assets are spent" (Long–Term Care Planning: A Dollar and Sense Guide, United Seniors Health Cooperative, August, 1997, p. 51).
Contact us to discuss your Long Term Care Insurance Options with a Walker Winslow Associate today.
Who Needs Long–Term Care?
Users of LTC Services by Age Group
3% Children
40% Working–Age
57% Elderly
Some conditions which typically require long–term care services:
- Multiple Sclerosis
- Alzheimer's Disease
- Parkinson‘s Disease
- Heart Disease
- Stroke
- Head Injury
Contact us to discuss your Long Term Care Insurance Options with a Walker Winslow Associate today.
Why Buy LTC Insurance?
Protect Your Assets
You work hard and save your money so that you can enjoy your retirement some day. Maybe you dream about the trips you might take or the fun you're going to have with all that time on your hands. Chances are, you're not thinking about the possibility of needing longþterm care. Maybe you should.
Long–term care is expensive. Today, the national average cost for home care is $20,000* and the cost of nursing home care is $50,000.** In thirty years, average costs are expected to more than triple.*** Is that how you want to spend the savings you worked so hard to acquire?
Long–term care insurance can help. It fills the gaps in coverage left by medical plans not intended to cover the cost of a home health aid or the expense associated with nursing home confinement. It provides benefits for long–term care services that may only be covered in a limited way by government programs like Medicare or Medicaid.
Long–term care insurance is an affordable way to protect yourself and your family members from the financial burdens often associated with long–term care.
Preserve Your Independence
You‘re an independent person. You've always enjoyed good health. You may not think of yourself as a candidate for long–term care services, at least not until you're much older. But long–term care situations can happen at any point during your life, due to illness or an accident.
Did you know that 40% of the 12 million people who are receiving long–term care are under age 65? That's 4.8 million people who probably didn't think they would need Long–Term care services either.**** What would you do if you could no longer manage to do everyday tasks without assistance? Could you depend on your spouse? What about other family members? If they work or live far away, your options become less clear. Long–Term care insurance doesn't just pay benefits for care provided in a nursing home. A comprehensive Long–Term care insurance plan can pay for services that help you remain at home, like visits from a registered nurse or home health aid or home modifications that can help you manage on your own.
Long–Term care insurance offers coverage that will give you the flexibility you need to make decisions about the kind and site or care that works best for you.
*Who buys Long–Term Care Insurance in 2000? Prepared for the Insurance Association of America by LifePlans, Inc., October 2000
**ACLI Study, March 2000
***U.S. General Accounting Office, January 2001
****U.S. Office of Personnel Management, 2001
Contact us to discuss your Long Term Care Insurance Options with a Walker Winslow Associate today.
Disclaimer: This is for information and educational use only. For specific information concerning investments in the stock market please consult with a securities licensed professional.
