You and Your Family
When it comes to planning our future and the future of our family and loved ones, financial security is often a primary concern. It impacts decisions we make about life’s important events such as career, family, education and retirement. Yet many people overlook the very realistic occurrences that can be most devastating to their future financial security.
A Concern for Adults of Any Age
Contrary to common misconception, long term care does not affect only retirees or the elderly. Statistics show the need for long term care can arise for you or a loved one at any stage of life.
- 22.4 million families have some responsibility for providing care to a person over age 50.
- 40% of the individuals who need long term care are adults between the ages of 18 and 64 who have suffered a disabling accident or illness.
- The average 45-year-old woman can expect to spend 18 years helping an aged parent.
- By 2020, the General Accounting Office estimates that between 10 and 12 million people will need long term care.
The Absent Role of Traditional Insurance and Government Assistance in Long Term Care
The harsh reality is that neither traditional health insurance nor government sponsored programs such as Medicare and Medicaid will provide for long-term care assistance.
- Medicare only provides limited benefits following hospital confinement; it is not intended to fund long-term care for either an
extended illness or lifetime support.
- Medicaid provides broader benefits, but you must be nearly impoverished to qualify. And, since it is a welfare program,
your choice of long-term care services is extremely limited.
- Most medical plans do not provide coverage for long-term care expenses. Disability insurance replaces income;
however it will not cover long term care costs either.
Have you considered the financial demand associated with providing long term care for yourself or a loved one should the need arise? Or the financial burden your loved ones would face in order to provide care for you? Can the financial security you have spent a lifetime to obtain withstand these astronomical expenses? It is never too soon to start thinking about long term care.