Long Term Care Planning - Are you ready and protected for yours or your loved ones future?
The Facts Are Clear
Anyone with even a passing experience with Alzheimer's, stroke, Parkinson's or elder frailty can appreciate the severity and financial devastation of these all-too-common life events and the inevitable care required. This is why we need protection.
* The average Ancient Greek lived until age 18. The median life span of a Puritan was 33. The average American life expectancy is now about 75 years for men, 84 for women. Over half of Americans will spend part of these these extended years in long term care situations.
* By 2030, one in five Americans will be a senior citizen. If you are a Baby Boomer, this includes you. Americans are living longer and healthier, thanks to better diet, better medical care and safer living & working environments. Yet no one is immune to the effects of aging and longevity - effects that often result in reduced physical or mental ability.
* In 1994, 7.3 million Americans needed long term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. It's currently near $75,000 per year. By 2030 those needing LTC will skyrocket to 23+ million Americans, with projected, individual long term care costs reaching $300,000 annually per individual!
Will you have that kind of money to spare?
With a history of millions of Americans in care situations living with longevity, elder frailty, stroke, Multiple Sclerosis, Parkinson's, Alzheimer's, Spinal Cord Injury, Cerebral Palsy, accidents and other conditions that affect 50+% of folks over age 65 , we can testify to the need for mature thinking and adult decisions when it comes to long term care planning.
Boomers' Mindset
Boomers have been raised to expect a decent quality of life and the freedom to make their own choices. They cherish independence, pleasure and, as they have matured, the joys of family and friends.
As a generation, Boomers were not raised to expect or shoulder sacrifice, although they can and do rise to the occasion. For most, the mere thought of a loved one enduring the extraordinary burden and sacrifice of day-to-day caregiving is enough to motivate Boomers to protect themselves and their families.
The value of Long Term Care insurance is that it:
1) supports independence by providing the ability to pay for Home Care and Assisted Living costs. It give people choices.
2) protects loved ones from the burdens of caregiving.
Long Term Care insurance should be called "nursing home and family caregiving prevention insurance", and for these benefits alone it is worth its price.
Either having LTC insurance or paying for care costs out-of-pocket allows you to choose where to receive care, even when caregiving needs increase. However, Long Term Care insurance is less expensive in the long-run.
When Should I Buy Long Term Care Insurance?
The sooner the better! LTC insurance premiums go up in price as you get older, although once you buy a policy your premiums do not rise due to aging or health. For years, financial planners were telling their clients to wait until age 65, but this is no longer considered sound advice. If you can afford the premium for years to come, buy now to protect yourself and your family. The Federal and State Partnership Programs encourage people to buy as early as age 40, mostly to increase the financial security of the program.
Give Colgrove Financial a call at 480-830-2595 to get your quote today. We can guide you through the process of setting yourself up for the future, with many insurance products available. you can email us as well at frontdesk@wearingtoomanyhats.com
Information citied from National Advisory Center for Long Term Care Insurance