Long Term Care

Long-term care may be largest un-funded liability facing Americans today. It is widely held that failing to consider long-term care needs is the #1 mistake people make with their retirement savings. Long-term care can be a devastating financial issue that can quickly deplete wealth and savings and affects the entire family. In fact, most families don’t plan for long-term care until it is too late. Many think long-term care insurance is just for the elderly and that it only helps with nursing home care. The longer one lives, the greater the chance this type of care will be needed.

Consider the following key points relative to long-term care:

40% of the individuals needing long-term care today are working age adults, ages 18-64. Younger people may need long-term care due to accidents or debilitating diseases. One-third of the people who have a stroke every year are under age 65. Also, the younger you are, the lower your long-term care insurance premium.

Less than 20% of people receiving long-term care are in nursing homes. Over 80% are being cared for in the community, mostly at home and at a tremendous emotional and financial cost to ones’ families.

Private long-term care insurance may be the only vehicle that will provide the money to pay for long-term care and protect your family from devastating expenses. This is because health insurance and Medicare do not generally cover chronic/custodial care. Medicaid is a government program that would pay for such care, but as a welfare program, most of us will not qualify. With Medicare and Social Security seemingly under funded, it is unlikely the government will add a third program for long-term care.

Contact us today and talk to one of our professionals to see how Fotek can help guide you through the maze of long-terms insurance and protect your family’s assets for generations to come.