elderly man enjoying visiting with his family

Dispelling 4 Myths of Long Term Care Insurance

Did you know that 70% of people over 65 will require some care at some point in their lives? Nearly 44% of early and late Baby Boomers and Gen Xers are expected to fall short of meeting their basic financial needs in retirement – that is including their nursing home or home health needs. Based on these statistics it appears that a very large portion of us are entirely unprepared for retirement. Long-term care insurance can help ease the financial and emotional burden on you and your loved ones.

Why is it that so many of us do not purchase long-term care insurance? Let’s dispel the myths!

My life savings will cover it.
Once long-term care is needed, the average American loses their entire life savings within nine months. The average American between the ages of 55 and 64 will have accumulated about $104, 000 in retirement savings. $417,900 is the approximate average cost for 5 years in a skilled nursing home faculty. Many families will struggle with this often unforeseen expense.

I’m too young.
You are never too young. This isn’t something you should look at in your sixties – for most people, the best time to buy may be in their mid-to-late 50s. Applying at a younger age can provide you with the ability to save money and have the best chance of getting approved for coverage. By waiting you risk paying higher premiums, needing to buy more coverage and paying future rates.

It will never happen to me.
Young or old, LTC insurance picks up where your health insurance leaves off. Long-term care insurance is not for only nursing home coverage, the ultimate goal is to help pay for alternatives, to keep you out of nursing homes for as long as possible!

The most common causes for LTC include…   

  • Auto & motorcycle accidents
  • Activities like skiing, horse-back riding, diving
  • Extreme sports: fractures, falls
  • Stroke & heart attack
  • Cancer
  • Diabetes
  • Arthritis & Osteoporosis
  • Alzheimer, Parkinson & MS
  • The aging process

It is covered by traditional health insurance or government programs like Medicare.
It is very important to understand the limitations of Medicare and Medicaid. Medicare focus’ on cure versus care. It covers doctors, skilled care and hospitals. Medicaid pays health care for the poor. Many are not “eligible” and some must “spend down” their assets to qualify. Medicaid will typically only pay for care in a nursing home. For more in-depth information on long-term care, watch our webinar or visit www.fcachiro.memberbenefits.com to request a quote.

If you have any questions regarding long-term care, our benefits counselors are here to help!

 

Sources
US Census Bureau
Social Security Administration
* 
The National Bureau of Economic Research
*
UCSF Research 
Forbes

elderly couple during the holidays

The Holidays are the Perfect Time to Discuss Long-Term Care

The holidays will be here before we know it, and for many, this time of the year presents the opportunity to gather with family and loved ones. Specifically, if you have a loved one who you’ve been meaning to speak with about long-term care, the holidays could be the ideal time for you to do so. Of course, having the conversation with a loved one about long-term care isn’t always easy, which is why there are important guidelines to keep in mind before you initiate the discussion.

Read More
elderly disabled man being comforted

Long Term Disability vs. Long Term Care Insurance

There are a number of different insurance options that can assist you and your family if you become impaired or disabled. Two of the most popular options are long-term disability and long-term care. Both of these are designed to protect your assets and interests in distinctive ways, so knowing the differences between the two is key in determining how each one can be beneficial to meet your needs.

Read More
ELDERLY WOMAN PAYING FOR LONG TERM CARE OVER THE PHONE WITH CREDIT CARD

Tips for Long-Term Care as Rates Rise

When considering retirement plans, long-term care coverage shouldn’t be overlooked. The cost of long-term care is exorbitant — figures from 2010 estimated that a semi-private room in a nursing home can cost more than $6,200 per month, with private rooms costing over $6,900. An assisted living facility in 2010 could cost as much as $3,300 per month. And those rates are only going up in the future. Seniors without long-term care insurance are left paying these high monthly bills out of pocket, often depleting their retirement savings, which took decades to build, within only a few years.

Read More

The Best Time to Purchase Long-Term Care Insurance

The time to start thinking about long-term care insurance isn’t when you’re ill and in need of either home health care or a nursing home. By then, it will be too late. Unfortunately, many people in situations very similar to yours overlook the importance of long-term care insurance, assuming it’s something they won’t need for many years to come or even need at all.

Read More
ELDERLY COUPLE

Avoid Financial Pitfalls by Planning for Long Term Care

Long-Term Care is a tough subject for anyone to discuss. But not taking action could mean significant difficulties for you or your family later in life. Did you know that once long-term care is needed, the average American loses their entire life savings within nine months? There is a significant gap in health insurance that exposes a hole in the retirement planning process. Long Term Care insurance covers this gap.

Read More
caregiver concerned with elderly mother memory

The Dangers of Avoiding the Tough Conversations

In the landscape of family issues, few topics are more difficult to approach than that of aging parents. Regardless of your economic background or your relationship with your parents, these topics prove to be difficult for individuals across the board. One of the reasons that these topics are so difficult to address is because of the strong emotions that are often attached to the idea of our parents aging and possibly needing our help. When parents begin to age, there is a role reversal for parents and kids that can be, at best, uneasy. However, there are more important issues at stake than our mere comfort levels when it comes to keeping our parents or other aging family members’ best interests in mind. One of the best places to start preparing for these tough conversations is to identify the topics that need addressing.

Read More
young male with beard professional in an office wearing glasses working and focusing on laptop

Blue Blocker Lenses: Are They Worth The Hype?

As our bodies continue to age, it is understandable that we begin to experience more changes. And whether we like it or not, doctors and other medical specialists are here to help us make sure that our bodies are operating at the very best levels that they can and when they are not, doctors are the people we visit to find out why.

For example, declining eyesight is one of the most common and most easily diagnosable issues our bodies may encounter throughout our lives. Worsening eyesight is often associated with getting older and while there are a variety of reasons and levels of severity, ultimately poor eyesight is typically very treatable except in certain circumstances.

As a general rule of thumb, it is suggested that you should visit the eye doctor once every one to two years. Even if you don’t feel your eyesight has changed, an optometrist will be able to know for sure and make any adjustments to your eye prescription as necessary.

Read More
mother with breast cancer smiling and hugging her young daughter

What You Should Know: Home Breast Cancer DNA Tests

In March of this year, ancestry DNA testing giant, 23andMe, announced that they would begin testing user DNA for Breast Cancer genes, more specifically identified as the BRCA1 and BRCA2 genes. While technically able to test for these genes for years, it wasn’t until this past March that the FDA officially signed off on it, therefore, making the 23andMe at-home DNA test, the first FDA-approved direct-to-consumer test to evaluate one’s potential risk for cancer.

What Can Your DNA Reveal

The test is offered as an add-on to 23andMe’s standard ancestry report for a total of $199 and is delivered alongside a variety of other reports designed to tell you if you possess certain genetic markers which may suggest a predisposition to things such as:

  • Macular Degeneration
  • Lung and/or Liver Disease
  • Celiac Disease
  • Hemochromatosis
  • Hereditary Thrombophilia
  • Alzheimer’s Disease
  • Parkinson’s, and many more
Read More
1 2 3 4 6