How Much Long Term Care Insurance is Enough?

When it comes to insurance there isn't a one-size fits all approach.  This is especially true when it comes to long-term care insurance.

When thinking about your long-term care insurance policy, it is important to take the following into account:

Protecting Your Assets

Long term care insurance should be a factor in your overall retirement planning. Because needs, resources, and personal situations differ it's important to discuss your situation with a trusted advisor.

Current Long Term Care Costs

The cost of LTC varies by state and by region. For example, in San Francisco a semi-private room costs $12,000/month, a private room is $15,000/month, and home health care costs about $6,000/month. CLICK HERE FOR THE COST OF LONG TERM CARE IN YOUR AREA. 

How Much Care Will You Need

The duration and level of long-term care will vary from person to person and often change over time. Here are some statistics to take into account:

• Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years.
  
  
• Women need care longer (3.7 years) than men (2.2 years).
  
  
• Twenty percent (20%) of today's 65 year-olds will need LTC for longer than 5 years.

The table below shows the largest LTC claims paid by One America:

As you can see, there are many issues surrounding buying long term care insurance.  We know you have questions so give us a call and let's sort them out.