Long Term Care Insurance

What happens If you can no longer care for yourself for an extended period of time and you need long-term care services? The probability of needing assisted care services is higher than ever before  – and so is the cost.

At least 70% of people over 65 will need long-term care services and support at some point in their lives.

(Source: 2015 Medicare & You, Centers for Medicare & Medicaid Services)

About 68% of nursing home residents and 72% of assisted living residents are women.

(Source: Long-Term Care Services in the United States: 2013 Overview, National Center for Health Statistics)

Median Annual Cost of Long Term Care:

Adult Day Care $17,680

Assisted Living $43,539

Homemaker Services $45,760

In Home Health Aid $46,332

Nursing Home semi-private room $86,125

Nursing Home private room $92,378

Source- genworth 2016 Cost of Care Study

According to the Centers for Disease Control and Prevention, Nursing Home Care FastStats, the average length of a nursing home stay is 835 days—or more than two years. At a median daily rate of $240, an average nursing home stay of 835 days currently costs over $200,000, making it virtually unaffordable for many Americans.

Without proper planning, the impact on a family can be even greater. While it may seem like there are many government programs available to offer assistance, Medicare only covers skilled care after hospitalization and Medicaid requires impoverishment.

Relying on family members might also be a flawed strategy. Will your spouse be physically able to assist you with daily living activities, such as moving from bed to chair, bathing, and dressing? Are your children able to take time off to provide the daily support you may need? There may be a large negative impact of this strategy – both emotionally and financially.

Without proper planning, a serious accident or illness could rob you of your financial independence. Whether purchased for yourself, your spouse or for an aging parent, long-term care insurance can help protect assets accumulated over a lifetime from the ravages of long-term care costs.

Click here to contact an Ariston agent, Learn More