The time to plan and think about long-term care is before you need care or before a crisis occurs. Planning ahead allows you the time to talk with your doctor about your health and any problems you may be having. It is also very important to talk with your family about the kind of long-term care services you think you might need someday, how much they will cost, and how you will pay for them.
The Austin Investment Pros can help you decide whether long-term care is right for you and your family.
Millions of elderly Americans live in care situations due to elder frailty, stroke, multiple sclerosis, Parkinson's, Alzheimer's, spinal cord Injury, cerebral palsy, accidents and other conditions. Consider:
• Over half of Americans will spend part of their post-retirement years in long term care.
• Americans are living longer than ever, but no one is immune to the effects of aging and longevity - effects that often result in reduced physical or mental ability.
• The Federal government estimates that every American has a 70% chance of needing Long Term Care in their lifetime.
• On average, LTC costs about $75,000 per year. By 2030 those needing LTC will skyrocket to 23+ million Americans, with projected, individual long term care costs reaching $300,000 annually per individual!
The value of Long Term Care insurance:
• Long Term Care supports independence by providing the ability to pay for home care and assisted living costs.
• Long Term Care gives people choices.
• Long Term Care protects loved ones from the burdens of care giving.
• Having Long Term Care insurance allows you to choose where to receive care, even when care giving needs increase.
• Long Term Care insurance is cost-effective in the long-run.
Long-term Care insurance premiums go up in price as you get older, although once you buy a policy your premiums do not increase due to aging or health. The Federal and State Partnership Programs encourage people to buy as early as age 40 to ensure that people do not become a burden on Welfare/Medicaid if they get sick or injured at an early age and need long term care.