AHIP Releases Benefits of Long Term Care (LTC) Insurance Study – Is it Really Worth it?
America’s Health Insurance Plans has collected decades of data for a new report on the impact of LTC insurance on long-term care financing. The main takeaway from this report is “yes”, Long Term Care insurance does provide “significant” financial benefits to those who own a policy.
Some of the finders are:
- A 60-year-old would have to put aside $1,666 a month over 22 years to pay for the same amount of services that would otherwise be covered by LTC insurance with a monthly premium of $188.
- Individuals who are covered by LTC insurance reduce their out-of-pocket costs by $3000 – $5,000 a month (depending on the service setting) compared to those without coverage.
- Individuals with LTC insurance receive on average 35 percent more hours of care than those without coverage.
- Most individuals with LTC insurance said their coverage provided greater access and flexibility with their choice of care setting.
If you are between the ages of 45-75, you need to think about how you will fund your medical care later in life. Health insurance and Medicare are designed for short-term, recoverable illness or injury. Long term care insurance pays for on-going (usually incurable) care for you when you need assistance with simple activities of daily living. Please talk to your family, then talk to us. We can empower you to make the right choice, so your wishes may be carried out.
L & A Services, a certified long term care insurance broker, can be reached directly at 602-996-6010.