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"We can not afford it!"
"It's too expensive!"
I hear it again and again at consideration of long-term Care Insurance (LTCI) in humans. In fact, some of my best clients have exactly the same reaction when we first talked about LTCI.
The fact is, most people can afford LTCI. What they can not afford the alternative and true for long-term care they need from their own pockets! Before we get to the first issue left for a moment, from this type of follow - care is.
Long and long-term care is an arbitrary number of services designed to meet the health and personal needs of individuals over an extended term of office. Most of this type of care is a form of non-skilled care, which provides assistance performance of activities of daily living are: bathing, eating, dressing, toilet, and portability.
Now heading. I've never been one to recite the statistics, but I have to give a feeling how expensive the long-term care. Costs vary widely Depending on the type and quantity of care you need and the provider you use. In Central Florida the average cost different levels of care are:
 • Private rooms in Nursing Home: $ 207 per day (1)
 • Semi-Private Room in a Nursing Home: $ 187 per day (1)
 • Assisted Living Facility: $ 2,726 a month (1)
 • Home Health Aide: $ 18 per hour (1)
 • Homemaker services: $ 17 per hour (1)
 • Adult Day Services: $ 57 per day (1)
One year home care, provided that the need for regular domestic assistant health, would cost nearly $ 18,000 a year! Your eventual annual expenditure on private rooms in nursing facility would cost $ 76,000! Combine this with the average need for long-term care for 2 and a half years and the total expenditure would be $ 45,000 for home care and $ 190,000 for nursing home! And it is in today's dollars. Ten, twenty and thirty years, these costs will still higher. Assuming a conservative 3% average annual growth over the past 30 years these numbers will balloon to $ 275,000 and $ 460,000! The bottom line is that this type of follow-up care is incredibly expensive and will only gain more time to continue.
So when people tell me, how LTCI is expensive, I tell them to consider the alternative. What is more expensive, $ 2,300 Annual premiums for comprehensive LTCI policy (2), or $ 76,000 account from the nursing home?
And for those who think it will never need long-term care ... Think again. According to some estimates the chances of this type of care needed is high as 70 percent. Of these, 40 percent will need care in a nursing home. In today's environment, not having LTCI is not an option! Contact your local long-term care specialists today, the structure of LTCI policy suits your needs.
(1) 2008 Cost of Care Survey, Genworth Financial, March 2008.
(2) Great American Life Insurance Company At-Home Advantage, 60 years, the basic rate class, $ 200 per day dose, 3 year policy, 5% simple interest.
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