Netcare Benefits Group



    L

    Long Term Care
                         
    Long term care is a coverage that provides nursing-home care, home-
    health care, personal or adult day care usually for individuals above
    the age of 65 or with a chronic or disabling condition that needs
    constant supervision. LTC insurance offers more flexibility and
    options than many public assistance programs. In 2009, the first wave
    of baby boomers will be turning 60 and many will decide to retire.
    According to a MetLife demographic study done in 2003, baby
    boomers make up 27.5% of the U.S. population, which translates to
    over 77 million people.

    With so many people approaching their golden years, the costs of
    long-term care are expected to skyrocket. But how many of these
    retirees would be prepared to pay a $250,000 long-term care bill?
    For many, covering these costs would require a substantial financial
    outlay.
    So, it's a good idea to consider some alternatives that exist to manage
    this risk.
    The Growing Cost of Long-Term Care Under the traditional policies,
    you pay an annual premium for an insurance policy that
    will pay for your nursing care should something happen to you down
    the road. But these premiums can range from $2,500 to $5,000 per
    year (and the costs are rising), and many people find it tough to shell
    out for a LTC insurance policy that they may never use.

    On the other hand, care costs are rising too they can be more than
    $70,000 per year so you need to take a hard look at your finances to
    see if they could sustain such a devastating blow. After all, you insure
    your car and your home, so why not your
    well-being? There's a good chance that you may need to pay for
    nursing home,
    assisted living or, home health care one day. In fact, more than half of
    the U.S. population
    will require long-term care at some point in their lives. If you're
    concerned about being financially secure during your retirement
    years, you owe it to yourself and your loved ones to protect yourself
    against what could be the greatest threat to your financial security,
    the cost of long-term care.   
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