Long Term Care
Everyone knows that someday they will need a little help. As we grow older our bodies wear down and eventually we are unable to do some of the everyday tasks we take for granted.
Managing the care of an elderly loved one can be overwhelming, stressful, time consuming, and expensive. ACSIA eases that stress by connecting you with the right Long Term Care plan to meet the needs of your aging family member and you.
ACSIA Long Term Care, Inc. is a proud member of the National LTC Network, the industry's premier group of Managing General Agencies. The National LTC Network is dedicated to improving the design, distribution and marketing of private long term care insurance and the quality of long term care education for the benefit of the consumer and the agent.
What Does Long Term Care Cost?
Long Term Care can cost between $60,000 to over $100,000 per year, depending on your location and care required. Medical inflation, outpacing general inflation rates, factors about 4% per year. Private health insurance and Medicare are not intended to pay for Long Term Care. It is why Long Term Care Insurance surged to its present-day importance
As we age, statistically, our chances of needing some type of care in our lifetime increases. Three times as many females will require care, primarily a function of longer lives for women as well as the traditional care-giver role of females. Hospitals have shifted recovery, even for the short term, to other types of settings, such as Long Term Care facilities. We, unfortunately, no longer rely upon our families for even short term care. All this leads to a 40% risk of needing care sometime in our life.
Insurance is not right for everyone. Some cannot apply due to existing medical conditions. Others would rather take the risk and pay for any Long Term Care costs out of their own assets. Some people attempt to hide assets to be eligible for public assistance. (Beware of the constantly shifting sands of regulation with this method). There is no right answer, only a personal choice and tolerance for risk.
If the decision has been to purchase a policy, when is the right time? Younger when premiums are lower? Later, saving the premium, yet risking acceptability to the carrier?
The average age of a Long Term Care policy purchaser today is 56, which indicates people are thinking of this as a financial planning strategy. However, people of all ages apply for coverage. The only issue everyone shares is the ability to be accepted for coverage by a carrier based on health conditions. Waiting too long has a financial impact; however, waiting until a medical condition arises to consider purchase makes it impossible at any cost.
