Long Term Care
As humans, we typically do not worry about an event until it happens. It is amazing to me that we for all kinds of unexpected financial disasters – we protect our homes, our automobiles, and our health with insurance policies. However, no other life event can be as devastating to an older person’s lifestyle, finances and security as needing long term care. We plan for retirement, but we do not protect our retirement with a plan for long term care.
Here are a few facts:
The population of the “very” old, age 85+ is the fastest growing group in America. If you are over 85 there is a 46% chance you will develop dementia or Alzheimers according to the Alzheimer’s Association.
In addition to that, 6 out of 10 people with need long term care some time in their life. That is greater than a 50% chance that you will need protection.
According to the Census, there are 131 million housing units in the US and 114 million households.
As far as frequency you could figure that 0.317% of households experienced a fire in 2010. Or we could say that 0.276% of housing units had a fire in the year. Yet, most everyone protects their house from fire.
Very few people plan for the “elder care’ part of their lives although planning for care is as important, if not more important than planning for retirement. There are several ways to protect yourself and many do not require that purchase a traditional long term care policy that is cost prohibited if you are older and is subject to rate increases. As an independent insurance agency we have access to all the options and will show you a comparison so that you can make an educated decision on which plan will be best suited to meet your needs financially and should you need care later. Did you know that you can use Life insurance to pay for care? If you do not need it, you have passed on tax free money to your heirs so you are not just throwing money down a black hole. We are her to help.
We have included some links to help you understand what long term care is and educate yourself on the various types of care. Or, you can simply give us a call and we will explain it all to you. Our number is 928.649.1254, or complete the form below.