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Long Term Care by C. Glen Higuchi (Fall 2014) << Back
 
November is Long Term Care Awareness Month and we would like to take this opportunity to provide you with some of the facts regarding this veryimportant insurance coverage. Why? Because according to the U.S. Department of Health and Human Services, 70% of people who live to age 65 will require some long-term care services at some point in their lives. In addition, according to Genworth Insurance Company's 2014 Cost of Care survey, the median annual cost for home care in California was $50,336 and for Nursing Home care, $86,815!
 
Our information indicates that the two most important questions you have about Long Term Care are: 1) Do I need it?, and 2) How much does it cost? The following answers to common questions or concerns should help you, but to really explore all of your options, we suggest contacting your agent at AHTKY for a more in-depth discussion.
 
If I need long-term care, can I rely on Medicare?
Somewhat, but there is very limited coverage provided by Medicare.
 
What about Medi-Cal?
Medi-Cal also has limitations and generally requires the spending down of most of your assets to qualify.
 
I have family that will take care of me. Do I still need to be concerned?
That's great to have the support of family, but keep in mind that there is a hidden cost that may be physically and emotionally devastating.
 
Can I wait until I'm older?
It's important to know that the cost of waiting can be high since a change in health can prevent one from being able to buy long-term care insurance at any price.
 
What if I can only afford limited coverage? Is it still worth it?
Yes, even a modest amount of coverage can protect important assets.
 
When is the best time to start planning?
Now. Preparing and having a plan in place can help alleviate the emotional strain many families face when the need for long-term care arises.
 
Doesn't major medical insurance and disability insurance pay for long-term care services?
No.
 
Can long-term care costs be self-funded?
Yes, but similar to the cost to fund your retirement plans, it may be quite difficult to do entirely on your own.
 
My family and/or friends can take care of me.
Yes, but what will be the negative impact on their financial and emotional well-being?
 
I've heard that long-term care insurance is expensive, and I don't think I can afford it right now.
It actually may be more affordable than you think. And as mentioned above, some coverage is better than none.
 

As we get older, we understand that it is sometimes difficult to consider the possibility of dependency on others, especially if we are in good health. It is important to keep in mind that the consequence of a long-term care situation doesn't just impact the individual needing care. Even with the support of a loving family, the physical and emotional burden can be overwhelming. The caregiver(s) could miss work, which may affect their employment, there could be family disagreements on the standard of care, and there will be a depletion of the family's savings. Planning early for long-term care can be the best way to minimize some of the impact of a challenging and difficult situation.

If you are interested in more information about long-term care insurance, we can help address any other concerns or questions you may have. We understand every situation is different, and everyone's needs are different. We will work with you to find a policy that provides the protection you need at a price that you can afford.

   
   
   
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AHTKY Insurance Agency, LLC
1451 W. Artesia Blvd, Suite A, Gardena, California 90248
CA License: 0C46036