Long Term Care

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With health care costs rising and longer life expectancies, funding long-term care needs is an increasing concern for millions of people, especially senior citizens. According to the U.S. Department of Health and Human Services, about 9 million Americans, now 65 or older, will require long-term care. HHS expects that number to rise by 25 percent – to 12 million – by 2020.

The average annual cost of nursing home care is $74,806, according to Genworth Financial’s 2007 Cost of Care Survey, but that figure can fluctuate depending on the level of care required, and the state in which the care is provided.

When people are unable to perform activities of daily living — such as eating, dressing and bathing — long-term care insurance can pay for the services of nursing homes, assisted-living facilities and in-home caregivers. Importantly, long-term care insurance covers expenses for those diagnosed with a chronic illness such as Alzheimer’s disease, Parkinson’s disease, multiple sclerosis and diabetes.

Standard health insurance policies and Medicare usually do not pay for long-term care expenses associated with these illnesses. Medicaid provides limited long-term care benefits — and only after a person’s assets have been depleted.

A major consideration for purchasing long-term care insurance, is whether individuals have assets they want to protect, as the substantial annual cost of long-term care can quickly deplete even a sizeable nest egg.

Find out more about long-term care insurance and let us build you a policy that cares for you and protects your assets.  Contact Tharp Insurance today.