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Long Term Care Insurance. Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann . I highly recommend this book. LT Care covers daily living activities . Bathing Dressing Eating Toileting Transferring– e.g., bed to wheelchair.

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long term care insurance
Long Term Care Insurance

Note

Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann.

I highly recommend this book.

lt care covers daily living activities
LT Care covers daily living activities
  • Bathing
  • Dressing
  • Eating
  • Toileting
  • Transferring– e.g., bed to wheelchair
slide3

In 2009, the average annual cost of a private nursing home room was $80,000

Source: Kiplinger Personal Finance, March 2010 p.57

  • Imagine what the number might be when you could need a nursing home
  • About 1 in 4 people turning 65 in 2010 will need at least one year of nursing home care
lt care insurance considerations
LT Care Insurance: Considerations
  • Monthly or Daily Benefit
  • Waiting Period: 30, 60, 90, 180
  • Where you want your care: best is everywhere– a facility or home care
  • Benefit Period: How many years?
  • Inflation adjustments
  • When does the policy kick in?– often when help is need with two daily activities
example 6 year 160 day policy for a 59 year old female
Example: 6 Year, $160 Day policy for a 59 Year Old Female
  • Coverage: up to $345,600 (160 X 360 X 6)
  • Waiting or Elimination Period: 60 days
  • Everywhere, home or facility
  • Daily benefit compounds at the CPI– consumer price index

Annual Premium: $2,447

tough questions
Tough Questions
  • Who needs Long Term Care Insurance?
  • When should you buy Long Term Care Insurance?