Long Term Care

Understanding the Odds and Preparing for the Future

When it comes to insurance, many of us prioritize protections like car and home insurance and often overlook Long-Term Care insurance. But have you ever considered the odds?

Auto accidents happen at a rate of about 1 in 52, translating to a roughly 2% chance.1

House fires are about 1 in 335, or approximately 0.3%.2

Long-term care needs? They stand at about 1 in 1.4, which is a staggering 70%.3

Yes, you read that correctly—70%!

The likelihood that you or someone you know will require long-term care is high. While not as immediate or visible as a car accident or house fire, the financial ramifications of long-term care costs can be just as, if not more, devastating. Long term care needs always seem far away, down the road, and maybe even avoidable. But fortune favors the prepared–it is definitely worth careful consideration.

What's Your Plan for Long-Term Care Costs?

Without a solid long-term care plan, your options might seem limited:

  • Drain your retirement savings and perhaps sell your home?
  • Depend on a spouse, who may also be aging and face their own health challenges?
  • Move in with family, imposing significant changes on their lives and yours?
  • Rely on government programs like Medicaid for long-term care, which may not cover all your needs?

Here's where Long-Term Care insurance steps in. It does more than simply offset costs; it provides you with choices, independence, and the privacy you deserve. Understanding what Long-Term Care insurance is and recognizing the cost of long-term care insurance are critical steps in your planning process. Not sure where to start? Get a copy of our free workbook below. 

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Call 650-458-0312 or book an appointment to speak with us today

Long-Term Care Planning: More Than Just Insurance

Long-Term Care Planning: More Than Just Insurance

The impact of long-term care costs can upend even the most meticulously planned retirement. A slip in the shower or stumble on stairs can lead to months of recovery. 

Overnight, once simple tasks such as grocery shopping, cooking or household chores become difficult, if not impossible without assistance. 

Long-Term Care should be synonymous with recovery and peace of mind, not expensive bills and financial stress. Long Term Care coverage can help ensure you recover your health without sacrificing your financial security.

We invite you to request our free Long-Term Care Planning Workbook to start crafting a plan tailored to your unique situation.

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FAQs

How do I determine the right amount of Long-Term Care insurance coverage?

Determining the right amount of coverage depends on several factors, including your age, health status, family history, and financial situation. Working together we will help assess your specific needs, considering the average cost of care in your area, your retirement savings, and any existing health insurance policies you have.

What is the difference between traditional Long-Term Care insurance and hybrid policies?

Traditional Long-Term Care insurance provides coverage specifically for long-term care costs, such as home care, assisted living, or nursing home expenses. Hybrid policies, on the other hand, combine life insurance with long-term care coverage, offering a death benefit alongside long-term care benefits.

How does Medicaid factor into Long-Term Care planning?

While Medicaid can provide coverage for long-term care costs ;however, it's typically available only to those with extremely limited income and assets. Relying solely on Medicaid may limit your choices of care facilities and services. Long-Term Care insurance offers a way to help protect your savings and maintain flexibility in choosing your care providers.

When is the best time to buy Long-Term Care insurance?

The best time to purchase Long-Term Care insurance is typically in your 50s to early 60s, as premiums are lower for younger, healthier individuals. However, it's never too early to start planning for your long-term care needs. Purchasing a policy before any significant health issues arise can help secure lower premiums and ensure you have coverage when you need it.

Long Term Care Near Me

Long Term Care Near Me

Your search for long term care near you is over! At New Stage Investment Group®, we can help you assess your insurance needs and find a policy that reflects your financial position and help protect you in the event of unforeseen long-term medical expenses.

Contact us today for a complimentary consultation to see how long term care insurance can help give you protection and peace of mind.

For more information about long term care insurance or the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.

hello@newstageinvestment.com | (650) 458-0312

1. Ahrens, Marty. National Fire Protection Association. “Home Structure Fires” Sept 2015.

2. U.S. Department of Transportation National Highway Traffic Safety Administration. “Quick Facts 2014”. March 2016.

3. U.S. Department of Health and Human Services. 2016 June 2014. “Who needs Care?” https://longtermcare.acl.gov/the-basics/who-needs-care.html 

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.