The need for Long Term Care Insurance In Florida
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At the beginning of the 20th century the average life expectancy was 47.3 years old. By the end of the 20th century that number had grown to 77 years old. Today individuals can expect to live well into their 80’s with some individuals living into their 90’s. “This year about nine million men and woman will be in need of some form of Long Term Care. By the year 2020 over 12 million older Americans will need Long Term Care” www.medicare.gov. One out of two Americans will need Long Term Care in their lifetime.
What is Long Term Care
Despite popular belief Medicare does not generally pay for Long Term Care. Medicare will pay for hospital and skilled nursing facilities. Today Long Term Care can be administered in the home, assistant living facilities, and nursing homes. Long Term Care is considered mostly custodial. It is triggered by lack of daily living activities including eating, bathing, dressing, toileting, and transferring. In order to qualify for Long Term Care you must be unable to perform at least two activities of daily living.
In 2009 the average nursing cost about $40,000 to 60,000 a year. Can you see how quickly your life savings can become depleted.
Ways to purchase Long Term Care in Florida
Long Term Care can be purchased through age 84. The most common way to purchase Long Term Care is the traditional way with a monthly premium that is determined by the benefits purchased. As you will see the younger you are and healthier you are the less expensive the policy.
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Two questions that usually come up in discussions about Long Term Care with seniors are: What if I don’t use it, will I get my money back? or I have a heart condition, can I still qualify for Long term Care? The good news is nearly everyone can qualify for Long Term Care. We recommend purchasing a single premium life insurance policy or an annuity with a Long Term Care Rider. In a single premium life policy works the Insured starts with a lump sum. The death benefit doubles or even triples and with Long Term Care in the amount of the death benefit. An example would be a 63 year old female with high blood pressure purchases a $100.000 single premium insurance policy. This policy has a death benefit of $247,000. The Long term Care benefit would be $247,000 if needed. If Long Time Care is not needed then $247,000 would pass through the estate tax free. Since the Insured is financing this policy the insurance company will lower their qualifications considerably.
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Florida Long Term Care Insurance Basics
In Florida Long Term Care Insurance can be the single most important purchase for many middle aged people. This is the insurance that unlike health insurance or car insurance has a fixed premium and benefit for life. And while it is true that many people that purchase will not even need it or use it, we still recommend everyone to look at it or something similar to Long Term Care insurance in Florida as an alternative.
Long Term Care insurance is for people that have saved money and assets and it is an essential part of growing and controlling your estate and its assets. The people that don’t need Long Term Care insurance include people that don’t own a home and live pay check to pay check and depend on their social security check to live.
How Do You Qualify For Long Term Care Benefits in Florida?
Long term care is provided to people who need help with activities of daily living (ADL’s) such as bathing, continence, dressing, transferring, toileting or eating or LTC is provided to people who need substantial supervision due to a cognitive impairment.
Many people believe that the need for Long Term Care could not happen to them however it is estimated that more than 13 million people in the US need LTC(1.) and of that close to 40% of people needing Long Term Care are working aged adults(2.). With these statistics you can see why it is important to buy Long Term Care Insurance at a young age prior to retirement. According to the AARP it is best to purchase a LTC Insurance policy when you are middle aged, this is when you are more than likely to be eligible for LTC Insurance and when the premiums are going to be lower.
When trying to decide whether you should purchase Long Term Care Insurance or not, there are probably a lot of questions that go through your mind. Such as: Do I need LTC Insurance? When should I buy LTC Insurance? Who uses LTC Insurance? How much LTC Insurance do I buy? What are the best companies/products? Etc.
Do You Need Long Term Care Insurance?
Unfortunately it is a tough call to decide whether you need to purchase Long Term Care Insurance or not. Here are a few general suggestions to help you decide if you need LTC Insurance:
If you have assets to protect, the United Seniors Health Council suggests that you purchase LTC Insurance only if your assets are at least $75,000 (not including your home and car). They also suggest that you expect to have a retirement income of at least $25,000 annually, you can pay premiums without affecting your lifestyle and you would be able to handle possible premium increases without affecting you financially(1.).
If you would like to leave that money you spend on LTC to your heirs (which nursing home costs could be as much as $75,190 annually according to the MetLife Mature Market Institute, 2006).
If you have a family history of a chronic disease or longevity.
If your health and age allow you purchase LTC Insurance, typically as you get older health problems occur and you may be uninsurable. Therefore it is a good idea to buy LTC Insurance before it is too late.
Your gender – women are more likely to need LTC than men, 75% of women are nursing home residents.
East Coast Financial Group & East Coast Health Insurance will make the decision to buy Long Term Care Insurance easy. Because it is! There are only a few companies that sell this insurance and we are contracted with all of them. All you have to do is pick a benefit amount depending on your age and a budget and we will then select the best coverage for you at the lowest premium. The insurance itself is very easy to qualify for and the medical testing is very easy to pass. We encourage all Florida residents that are financially astute to call us at 888 803 5917 for more information about this valuable coverage or to click our get a Long Term Health Insurance quote form.
