“I won’t get sick, it won’t happen to me.”

It’s an easy assumption. But The Insurance Mom doesn’t want you to go there.

Here’s what’s real. More than 60% of us will need some kind of long term care at some time in our lives. In California, the average cost of a one-year stay in a nursing home is $80,300, an amount that grows at about 5% annually. The cost of care in your own home can be upwards of $40,000 a year.

When it comes to financial planning, determining how to pay for Long Term Care is often the last item that families address, even though it may be the most important. Failure to plan, however, can be devastating.

Long Term Care Insurance covers not only the cost of care at home, but also in a nursing home, in a residential care facility or in other home and community-based settings.

Long Term Care is the assistance needed over an extended period of time to manage, rather than cure, a chronic, long lasting health condition such as AIDS, diabetes, heart disease and asthma. LTC is not covered by your health insurance! LTC is not covered by Medicare!

LTC is basically the assistance or supervision you may need when you are not able to do some of the basic stuff (called the “activities of daily living” or ADLs), like bathing, dressing, toileting or moving from a bed to a chair. You might need assistance if you suffer from a broken leg or a prolonged illness.

What does Long Term Care Insurance do?

LTC offers you an opportunity to anticipate future Long Term Care needs and to protect yourself against the catastrophic costs and impoverishment often associated with needing Long Term Care.

Without LTC to protect you, how will you pay for the expenses of a care giver, a nursing facility, hospice? Let’s face it, not many people have a whole lotta cash stashed away. Do you really think that you’ll be able to sell your assets (if you have any) if you’re ill or injured or incapacitated? Do you really expect your friends and family members to give up their lives to take care of you 24/7?

Failure to prepare for the cost of Long Term Care is the primary cause of impoverishment as we get older.

Get the care of your choice, i.e., at home (always the preferred choice), skilled nursing facility, assisted living facility, adult day care, hospice.

If you own a home, you probably have fire insurance, even though only 1 out of 1000 home owners will ever have a serious fire. Consider that 600 out of 1000 of us will eventually need some sort of Long Term Care.

You know you are my favorite and I only want what’s best for you. Contact The Insurance Mom.

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