It is true that you may never need long-term care. However, about 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime and more than 40 percent will need care in a nursing home for some period of time.
¹ By the year 2020, 12 million older Americans will require long-term care.
²The longer you live, the greater the possibility that you will someday need assistance with the basics of everyday living.

Long term care can use your retirement savings and other assets very quickly. Many people hope to take advantage of Medicare or Medicaid in the event of long-term care needs. However, Medicare pays only approximately 12% of all nursing home costs overall, and these are for short-term skilled nursing home stays following hospitalization.3 Medicare pays for home care only for short-term unstable conditions, not for the longer-term assistance that long term care insurance is designed to cover.
To be eligible for Medicaid, you must meet a range of federal and state guidelines regarding your assets and income. This may mean that you would have to spend most of your own money before qualifying for Medicaid at all. (Requirements vary by state.) Once you are dependent on Medicare or Medicaid, you will be paid only for approved charges, and will be limited to their approved facilities for care. Long-term care insurance allows you to control your care and your destiny.
¹ U.S. Department of Health and Human Services National Clearinghouse for Long-Term Care Information, 2008

^{2, 3} A Guide to Long-Term Care Insurance, © 2002 Health Insurance Association of America.

Long term care insurance can help you relieve the financial and physical burdens of care your family might otherwise face. The ongoing care of a family member can be difficult for your children or spouse, both financially and emotionally. We understand that the concept of having a child or spouse assist you with eating, bathing or toileting is nearly unthinkable for many people. With an appropriate long-term care insurance plan, you will not have to rely on your family for these very personal aspects of self-care. You can select a policy that provides ongoing care even if you remain at home, which many people prefer to do. What’s more, with a long-term care insurance policy, you protect your ability to select a facility that meets your needs and standards in the event that you can no longer easily stay at home.

Making a decision about long-term care insurance is a wise step to make. Of course, most of us do not like to think about aging or the possibility of either ourselves or our spouse needing long term care. But having long-term care insurance effectively removes the worry about many of the financial and emotional issues surrounding this very common life situation. Perhaps you will never need care. Perhaps you will. With long term care insurance, you know that, whatever life may bring, you are prepared.

For many people, one of the biggest worries about aging is becoming ill and using up the couple’s money. A husband or wife may be concerned that he or she will not leave enough to take care of the spouse later on.
Long term care insurance can help ensure that the care one spouse may require does not drain a couple’s assets. Wise options may include creating a joint policy and adding features such as a paid-up survivor option to eliminate or reduce policy premiums for a surviving spouse. A joint policy – which may be purchased for spouses or any two members of the same household – may be a more cost-effective option than purchasing two individual policies.

Of course, most of us need to balance our investments and expenses carefully, and long-term care insurance has to be factored in with many other responsibilities. But it is important to note that long-term care insurance is generally less expensive for younger buyers than for older ones. In addition, it is smart to buy long-term care insurance while you are relatively young and healthy. Unfortunately, once a person’s health declines, he or she may become ineligible for long-term care insurance.
The simple answer is this: the right time to buy long-term care insurance is when you can afford it, and before you need it. Your licensed insurance representative can work with you to help create a policy that meets your needs and suits your budget.

In fact, no. About 40% of the people needing long-term care are adults between ages 18 and 64, who may have had an accident, a stroke, or developed multiple sclerosis or another illness.4 Most people are unprepared for the high ongoing costs of this care, and it can present real difficulties for a younger family. The benefits of long-term care insurance work for a younger person just as they do for a senior.4 2002 Long-Term Care Planning Handbook, Federal Handbooks, Inc.

The purchase of long-term care insurance by employers, for themselves and for employees, is fast becoming more popular. Recent legislation has provided new tax incentives to businesses offering long-term care insurance to employees. In addition, employers can often elect to pay their own premiums while they are active in the business, then be free of payments during their retirement years.
There are many other financial advantages to offering long-term care coverage in a business setting. Employer-sponsored plans can be structured so that premiums are paid through payroll deduction or health reimbursement accounts. Employers benefit from increased productivity when employees do not serve as primary caretakers for their parents and spouses.
As an employer, you are concerned about helping employees build and protect their assets, and in doing the same for yourself. With average life spans increasing, long-term care insurance has become a critical component of any business owner’s financial plan.