Long-Term Care Insurance

The importance of Long-Term Care Insurance (LTCI)

According to a survey by Sun Life Financial (SLF), there's a major disconnect between people's need for LTCI and the preparation for that need. While just 36 percent of those surveyed believed that they would need such insurance, it's estimated that at least 60 percent of people over age 65 will require some long-term care services at some point in their lives. The survey also found that 84 percent said they don't feel financially prepared for LTCI.

Contrary to what many people believe, Medicare and private health insurance programs don't pay for the majority of long-term care services that most people eventually need; for instance help with personal care such as dressing or using the bathroom independently. Second, when asked to estimate how much costs would increase by 2030, the average estimate put the figure at 56 percent. Based on historical data, the costs are estimated to rise 123 percent.

Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility. There are three main parts that impact your long-term care insurance: the daily benefit amount, the length of coverage and your level of inflation protection. It is important to consider how much family support you can expect, cost of living and whether you would use other savings to supplement benefits.

The inclusion of Long-Term Care Insurance in any holistic financial plan can be very important to make sure you are adequetely taken care of as you grow older.  As a boutique, holistic financial planning group, Prosperity group will examine your personal situation and together, deterimine what level of LTCI is right for you and your family.






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