Long Term Care Insurance
Do You Need It?
Be realistic about your potential risks
No one likes to think about the possibility of needing long-term care. But understanding the potential risks is important to making an informed decision.
Here are three key facts to consider:
(1) Needing some form of assistance in later years whether at home or in a care facility is a normal part of the aging process
In fact, approximately 60% of individuals who are over the age of 65 will need some type of long-term care services.¹
(2) Needing some form of assistance earlier in life is also a possibility
While most people who need long-term care are age 65 or older, a person can need long-term care at any age. 40% of people currently receiving long-term care are adults 18 to 64 years old²-- and nearly one quarter of the 700,000 stroke victims each year in the United States are under 65.³
(3) Costs are high, and they are rising
As a general guideline, costs on a national basis now average over $217 per day for a private room in a nursing home and $21 per hour for visits from home health aides.4 Inflationary pressures are likely to increase these costs significantly in the future.
1. 110th Congress 1st Session H. Con. Res. 133: Long-Term Care awareness Week; resolution dated April 26, 2007 and passed on October 15, 2007.
2. U.S. Department of Health and human resources, National Clear house for Long-Term Care Information, 11/14/2007.
3. Centers for Disease Control and Prevention, U.S. Department of Health and Human Services, October 2007.
4. Long-Term Care Facility Costs--A Nationwide Quantitative Evaluation of U.S. Facilities, March 2008.
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At Prudent Financial, we guide our clients to systematize a strategy that will identify their financial potential and future results that are measured by their present financial position, their desire to improve, commitment, discipline and consistency in implementation. These elements define the basis for our clients' relative financial success. Please note: our advice is based on facts and realities, we do not dictate to our clients nor are we liable for their failure to implement any of our advice.
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