Where friends send friends for Long-Term Care Insurance.

Growing needs and rising costs mean that paying for long-term care is becoming a greater concern for more people.

Long-term care funding options have evolved to keep pace not only with the expanded definition of long-term care but also with the need to cover greater numbers of people more cost effectively.  

Long-Term Care

Make it an Asset, Not an Expense!

There may be no greater threat to your retirement than the expenses associated with long-term care, as 70% of Americans over 65 will need some form of care.  

Long-term care or LTC is a wide range of ongoing services and support systems designed to help individuals perform daily activities when they are unable to do so themselves. 

Plan Types

  1. Traditional
    (Use it or Lose It)
  2. Asset-Based
    Cost Certainty: Asset-Based solutions allow a plan to be funded in a variety of ways, from a single deposit all the way to a monthly payment, with the key point being that clients will be completely shielded from ANY future increases to the cost of their plan.

Long-term care insurance is not for everyone, nor will the same type of coverage meet the needs of every person.

Growing Demand

Since the first of the baby boomers have only just turned age 65, it is expected that the demand for long-term care services will continue to grow over the coming decades. Consider the following figures, which are represented in the graphic immediately following:
·         In 2009, the number of people age 65 and older in the U.S. was greater than 39.5 million, representing almost 13 percent of the population.1
·         By 2020, it is estimated that the number of people age 65 and older will grow by about 40 percent to nearly 55 million, at which time that age group will represent about 16 percent of the nation’s population.2
·         By 2030, that segment of the population will grow another 31.5 percent to just over 72 million, representing 19 percent of the total population.3
·         By 2040, the rate of growth of the elderly population will begin to level out somewhat to 12.5 percent, but the number of people age 65 and older will increase in absolute terms to over 81 million and will represent a still larger 20 percent of the population.​4
Combine these figures with an estimate by the U.S. Department of Health and Human Services that about 70 percent of individuals over age 65 will need some type of long-term care in their lifetimes, and the growing demand for long-term care services over the next several decades becomes very clear.
  1. Types
    - Homemaker services - Home health aide services - Adult day care health services - Private 1-bedroom/assisted living facility - Semiprivate room/nursing home - Private room/nursing home
  2. Tips
    -The younger you buy it, the cheaper it is - The average age of buyers is in their 50's
1 U.S. Bureau of the Census, Population Division, June, 2010
2 U.S. Department of Health and Human Services, Administration on Aging, based on data released in August, 2008.
3 Ibid.
4 Ibid.