Long Term Care is a Family Matter

According to the Health Insurance Association of America (HIAA), the average age of those purchasing long term care insurance has dropped from age 72 in 1990 to almost 58 today.

This change is likely due to:

· The evolution of policies
· Fewer alternatives that pay for long term care
· Growing consumer awareness

Evolution of Long Term Care Insurance

Long term care insurance policies are more comprehensive than they were 10-15 years ago. Back then, they were sold as “nursing home” insurance – not an easy sell.

Today, comprehensive policies allow a choice of where the client will receive care, such as home care, assisted living care, adult day care or skilled nursing care. Many offer riders and/or indemnity benefits to pay for additional things such as medications and home modifications. Consumers today are quickly recognizing the importance of having the option to stay in one’s home for as long as possible.

Fewer Alternatives

Medicare has and does pay for some long term care, although today, Medicare only pays for skilled and rehabilitative services. Medicaid will pay for custodial care, but limits where you can receive it. Medicaid also requires people to spend-down their assets in order to qualify.

Consumer Awareness

The number of people in the aging population is increasing. More and more family members are experiencing first hand how their parents’ having a long term care policy in place is benefiting their family by allowing the parent(s) to stay home to receive care. They’re also witnessing the great burden it can be when a parents does not have a long term care insurance policy. The key factor is being aware that health plays a major role in qualifying for coverage at the best prices and it’s imperative to obtain the insurance when you’re healthy.

Involving the children in the decision to purchase long term care insurance allows them to be educated about the benefits, so that if anything were to happen, they’re well-prepared to handle the situation

Often, the children, usually in their 30s and 40s, will also purchase a policy for themselves when they realize how important the insurance can be for their own children’s’ peace of mind.

Please call or visit our website today to receive your free, no obligation long term care insurance quote.