Long
Term Care Insurance For You
Although
it’s been around for more than 35 years, Long Term Care insurance
is perhaps the least understood product in the insurance family. Only
6%
of North Americans
have
it. Yet a full
50% of us will need long term care at home or elsewhere after 50.
What
Is Long Term Care Insurance?
What
exactly is long term care? It’s the assistance you may need if
you become unable to care for yourself because of prolonged illness
or disability. Long Term Care Insurance
provides coverage for such care, whether received in a nursing home…or
in your own home.
And
as the American population ages, the need becomes more real. Today,
there
are an estimated 40 million North Americans age 65 or over. By 2030, there
will be 18 million Americans over the age of 80. Baby boomers are just
beginning
to understand the importance of long term care.
One
of the myths of long term care is that the government will foot
the bill. But the government
pays just a small percentage of nursing home care. And eligibility
is very restrictive.
The
average stay in a long term care facility is 2½ years. The average
national cost for nursing home care? It exceeds $4,600 a month. And perhaps
most shockingly, 40% of LTCI beneficiaries are under age 65.
That’s
one reason why the best time to purchase LTCI insurance is in your late 40s
or 50s. It’s likely you’re healthier, which makes you more insurable—and
premiums lower. Premiums are spread out over your expected lifetime, so it’s
cheaper to buy at 40 than 70…and you have protection in case you need
it.
LTCI
benefits range from $100-$300 a day. Policy duration may be two, three, four
or five years, or of unlimited duration. Inflation protection is optional.
To
find out how much this coverage may cost you, go to the Long
Term Care Quote Page.
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: [email protected] Web: http://www.trustco.ca
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