What is Long Term Care Insurance?
Long term care is the type of care received, either at home or in a facility, when someone needs assistance with activities of daily living (bathing, dressing, toileting, transferring, continence and eating) or suffers severe cognitive impairment (such as Alzheimer’s disease).
The Population is Aging
- · In 1997 there were 34 million people or 12.8% of the population over the age 65.
- · By 2030, there will be 70 million people over the ago of 65 and 19 million people over the age of 85.
- · The fastest growing segment of the U.S. population is the elderly over the age of 65.
- · Medical technology is extending life but not always to a fully functional level.
- · Approximately 30% (9.9 million) of all non-institutionalized older persons lived alone in 1995. They were comprised of 42% of older women and 17% of older men.
- · Over 7 million elderly people have some form of disability for which they require assistance.
- · Nearly two-thirds of disabled elderly rely exclusively on their families and other unpaid sources for their care.
- · Four out of every ten older people will stay in a nursing home at least once, and nearly 1 on 10 will stay for 5 or more years.
- · 7.3 million Americans needed long term line xanax care in 1994. In the year 2000, the number increased to 9 million and will skyrocket to as many as 24 million by 2050.
Benefits of Long Term Care
Dignity – The insured is not dependent upon family members, (if they chose) and other loved ones for care.
Dignity – The insured is able to choose the long term care services and providers.
Dignity – The insured is able to protect their standard of living and their family’s financial security.
Dignity – The insured is able to maintain their assets and their estate.
Dignity – The insured is not dependent upon the government for care.
Who Needs Long Term Care?
- · Persons planning for immediate retirement
- · Persons over the age of 50
- · Those persons of all ages who wish to preserve their assets.
- · People who do not want to be a burden on their family
- · People who are currently care givers to others
- · People who do not have children
- · People who have seen the struggles of others providing care
Moran Insurance . and their agents do not provide legal or tax advice. For specific legal or tax advice based on your situation, please contact your attorney of tax advisor.
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