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Long Term Care

Life & Disability Insurance











 What is Long Term Care?

Long-term care is care necessary to enable a person to complete the activities of daily living, or ADLs, i.e., walking, dressing, toileting, bathing and/or eating. A person requires long-term care when, due to a chronic condition or aging, he or she cannot perform ADLs independently.  Long-term care, sometimes called custodial care, helps a person maintain a lifestyle safely, rather than improving or correcting medical problems.    





Long-term care can be provided in many environments: home health care, hospice care, adult day care, in nursing homes and assisted living facilities.







Do I need LTC Insurance?


We are living longer! Eighty percent of Americans will live past 65 and there are currently 35 million people over the age of 65. By 2030, that number will be 70 million. Given our increased longevity, the odds are that one out of two of us will need some type and degree of long-term care. Of course, one cannot predict when and how much long-term care we will need, if we ever do; however, these statistics strongly suggest that our aging, yet active, population is going to need some help along the line.








What are the Costs?


In the New York metropolition area, the average cost of a nursing home is $380.00 a day for a semiprivate room, or $138,634 annually. Assisted Living averages $39,825 annually, while a home health aide averages $20.00 an hour, or $160.00 for an eight-hour shift.  The average length of time for receiving home care is 4.3 years. 1





The good news is of the 12.8 million Americans (of all ages) currently requiring long-term care, only about 2.4 million live in nursing homes. Of those over the age of 65 who enter a nursing home, about 53% stay one year or more.  






Costs for long-term care are expected to increase annually by almost 6% nationally.  This means that a nursing home that costs $138,634 now will cost approximately $248,272 ten years from now.






  Where is the Government Now?


In a recent survey done by AARP regarding the public's understanding about long-term care, 61% believed Medicare paid for long-term care and 46% believed Medigap paid for long-term care. These are total misconceptions.





The only government program that will pay for nursing home costs for the long term is Medicaid, a government program established for the needy with strict limitations on the amount of assets and income a Medicaid recipient can have.






So, if you don't qualify for Medcaid, who pays for long-term care? You, your loved ones or your long-term care insurance company must pay for your care.







Can I Afford LTC Insurance? How much coverage do I need?


Long-term care insurance is not for those whose only income is social security, or those who have limited assets. For those with significant assets or income, long-term care insurance can be quite affordable, depending upon the features and benefits chosen, and the age of the applicant. Long-term care insurance will also act to protect your assets from the devastating costs of long-term care.









Features and Benefits of a Good Long Term Care Insurance Policy


The best long-term care insurance policies offer coverage for a variety of long-term care settings: home care, nursing home, assisted living, and adult day care. Additional but lesser known features include: alternate plan of care, respite care, caregiver training and care advisory services.








 Partnership Policies


New York is one of only a few states that have approved the Partnership for Long-Term Care. The program was funded in part by the Robert Wood Johnson Foundation, and acts to promote the use of certain long-term care policies by affording protection of assets once the benefits of these policies have been exhausted. Ordinarily, once benefits of a long-term care policy are depleted, one would need to start "spending-down" their own assets and income to pay for care. With a partnership policy, only your income is considered when determining whether you are eligible for Medicaid, not your assets. Under normal circumstances your assets and income need to be at a very low level in order to become eligible for Medicaid. As long as your income does not exceed the costs of your medical care, you will become eligible to receive all Medicaid benefits.




For more about the partnership see the New York Partnership for Long-Term Care .




    1 "Genworth Financial 2015 Cost Care Survey"


       Conducted by CareScout Network, February 2015. 






Frequently asked Q&A 




1. Isn't long-term care insurance expensive?


It doesn't have to be. Depending upon the features and the age of the applicant, it can be quite affordable for those who have the right amount of assets and income. Please contact our office for a long term care quote.


The costs of the policy go up with increased age, decrease in elimination days and compounded rate benefit clause which, in most cases, is considered essential to applicants under the age of 80.





2. I bought a policy 10 years ago and I am not sure it is good enough. What Should I do? 


This question comes up often. In most cases, it is best to keep your existing policy, even though it may not seem as comprehensive as those being offered today. The reasons for this are these: a new policy will be written on your current age, which means it will be much more expensive. Most older policies still remain affordable for the insured, unless they have an increased amount of income or assets that would enable them to buy a policy with enhanced benefits.  Most insureds are better off keeping what they have, assured that there are benefits that can be accessed if they need them.



If you would like us to review your existing policy, we can do so for you. Please contact our office.






 3. If both my husband and I buy a long-term care policy, can we get a discount?         


Yes, there are spousal discounts, but each spouse must be insured by the same carrier. There are a few companies who will offer discounts to "unrelated family members" who are living together, i.e., domestic partners.






How can EEFG help with your decisions?


The East End Financial Group has been providing its clients with valuable information about long-term care insurance since 1992. We can assess your need, both financial and personal, and make a recommendation for you based on what you expect your lifestyle to be as you age, and what you are comfortable spending for long-term care insurance.            






If you would like to know more about long-term care insurance, please contact call our office directly at (631) 727-8111. 













Life & Disability Insurance Planning














As independent brokers we have the ability to choose the correct product and company to provide the necessary insurance coverage needed for our clients without obligation to a specific carrier.  The following is a partial list of insurance products offered:




      • Universal Life
      • Whole Life
      • Term Coverage
      • Disability Insurance
      • Fixed Rate Annuities
      • Variable Annuities




 Customized programs can be designed to fund insurance programs for corporations, personal needs and to provide for liquidity in estate tax planning.