what is long-term care (ltc)? long-term care is the type of assistance you would need if you were...
TRANSCRIPT
What is Long-Term Care (LTC)?
Long-Term Care is the type of assistance you would need if you were unable to handle some of the basic activities of daily living or if you require substantial supervision due to a cognitive impairment
Where Can I Get Long-Term Care Services?
Your home Adult day care facility Assisted living facility
A facility for people who can live somewhat independently, but need assistance with basic activities of daily living
Nursing Home Hospice care
Care provided for a terminally ill patient; can be provided in the home or at a facility
What are the chances…
…that YOU could need long-term care services?
Long-Term Care is a Reality
1) Source: National Clearinghouse for Long Term Care Information, U.S. Department of Health and Human Services: Planning for LTC. Date accessed, January 18, 2012.
2) Source: American Association for Long-Term Care Insurance, 2010 LTCi Sourcebook3) Source: Genworth Cost of Care 2012 Survey; April, 2012
3.8years 2
Average length of majority of long term-care claims
4-8years 3
Average life expectancy after
Alzheimer's diagnosis after age 6570%
Of people over age 65 will require
long-term care1¹
Your Long-Term Care Experiences
Who? Where? How was it paid for? Who provided the care? How long did the person need care? Was the care expected or unexpected? How did long-term care affect the family?
The Cost of Long-Term Care
Average/ Median Cost of Care3
Home health care - $18 per hour Annual cost (based on 40 hours of care): $41,184 Average need of 4.5 years could total: $185,328
Specialized HHC - $19 per hour Annual cost (based on 40 hours of care): $43,472 Average need of 4.5 years could total: $195,624
Adult Day Care averages $61 per day 50 weeks, 5 days a week: $15,250
3) Source: Genworth Cost of Care 2012 Survey; April, 2012
Covering the Cost of LTC
Personal Income and Assets One long-term illness may jeopardize your accumulated
retirement savings If the cost of care was $80,000 to $100,000 a year, how many
years of long-term care could you afford before you depleted YOUR liquid assets?
Covering the Cost of LTC
Family 57% of primary caregivers provide care for more than 16 hours
each week; 31% more than 30 hours each week8
83% of caregivers contributed financial (out-of-pocket), an average of $8,800 annually8
48% of caregivers lost their jobs or missed career opportunities Care was needed due to 45% for a specific illness, 42% age
related frailty, 23% for cognitive impairment, and 13% for rehabilitation after an accident or surgery8
Can your family afford to care for you? Would you want them to?
8) Beyond Dollars, The True Impact of Long Term Caring; Genworth Life Insurance; March 2012
Preparing for Long-Term Care
Only 17% of baby boomers have planned for long-term care needs16
Only 10% of adults over age 65 own a long-term care insurance policy16
9) Sources: A Golden Opportunity: Emerging demographics, new legislature and budget shortfalls have converged to create unprecedented long-term care insurance opportunities for both U.S. insurers and consumers , Resource, LOMA; www.medicare.gov/LongTermCare 2/2008;
Have you thought about long-term care?
Advantages of Private LTC Insurance
Avoid physical and financial dependence on family and friends
Protect your hard-earned assets Maintain choice on how and where to receive care Assure high-quality care, at an affordable price Stay at home when you need care Maintain your independence
Limitations may apply. Please reference policy documents for specific limitations
Planning is Always the Best Option!
Many often put off the decision of how they will afford long-term care Too often, people wait until they critically need care. By then,
they may not qualify for insurance Remember: the healthier you are, the longer you are likely to live.
The longer you live, the more likely it is that you will need long-term care
Evaluate your situation Discuss the emotional and financial issues with your
family Explore all the options
DISCLOSURES:
The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual. To determine which investment (s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
Life insurance policies contain exclusions, limitations, reductions of benefits, and terms from keeping them in-force. Your financial professional can provide you with costs and complete details.
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