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Plan Ahead for Long Term Care (Fall 2009) << Back
by C. Glen Higuchi, JD, CPA
Although this is a tough question, according to the U. S. Department of Health and Human Services, seven in ten people who live to age 65 will require some long-term care services at some point in their lives.
Will you need care someday?  One thing is certain; the potential need for long-term care is a risk that all Americans face.  And, this risk is one that can take a heavy toll on your family and your wallet.
How much does long-term care cost?
While many people depend on family member and friends to help provide care in the home, providing such care can exact an enormous physical and psychological toll on the caregiver.  If you are currently taking care of a loved one, you may consider this an understatement.  The cost of long-term care services can be high and over time can threaten a lifetime of savings.
In a most recent survey by John Hancock, for example, in 2008 the average cost of a private room in a nursing home in the United States was $204, or $74,460 a year.  The average costs in Los Angeles, California were:
Nursing Home

Nursing Home


Daily Annual Daily Annual Daily
$217 $79,205 $173 $63,145 $79
When to buy
Many insurance experts say that if you are going to buy long-term care insurance, the best time to buy is in your fifties because the price is lower than if you wait until later.  Another reason to buy in your fifties is that it is more likely that your application will be accepted.  Nearly 23% of applicants between the ages of 60 and 69 are turned down because of pre-existing conditions.  In fact, 53% of the 2008 individual policy sales were between the ages of 55 to 64.

If you are interested in long-term care insurance, please check with us for advice, and look for a policy that provides the protection you need at a price that is affordable.

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1451 W. Artesia Blvd, Suite A, Gardena, California 90248
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