With costs for Long Term Care services increasing our attention is focused on the devastating impact it could have on our financial future.  Advances in health care increasing our average life span, families living farther apart and all of us counting on fixed budgets forcing us take a hard look at our resources.

Are you concerned about Protecting your life savings Living in a facility of your own choosing An envirment where you get quality care Burdening family with caregiver responsibilities

You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.

What is Long-term Care Insurance (LTCi)? Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Long-term care helps meet health or personal needs. Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes.

Odds of needing it?

You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more. 1

Who pays for it?

Long term care services aren't adequately covered by most types of insurance, or governmental programs including Medicare and Medicaid. Most private medical and major medical insurance plans do not cover long term care. Medicare generally covers some nursing home care, but only for a limited time. Disability insurance only replaces lost income. Medicaid pays only for nursing home care after you have spent most of your assets. That's why many Americans are looking at long term care insurance.

What are the types of care?

A common misperception is that long term care means staying in a nursing home. Today, there are other care options available. Long term care services can be divided into two types of care: home and community care and facility care. In home and community care you have Home Health Care, Informal Custodial Care, Homaker Services, Hospice Care and Adult Day Care.  In facility care you have Residential Care Facilities and Nursing homes.

Cost of care

Since the passage of the Health Insurance Portability and Accountability Act (HIPAA) in 1996, it is now clear who is primarily responsible for paying for long term care: YOU. Long term care can be expensive. The National average cost for a private room in nursing home is $70,912 a year.2 Home care also adds up. For in-home assistance, the national average cost is $22.15 per hour, or $46,072 per year for 40 hours of help per week.3

How we can help!

Put a long term plan in place to take the stress out before it begins. By doing so, you will protect you and your loved ones assests and give you the choice on where you receive your care when the time comes.  At no obligation to you, please let us help you design a plan that will fit your needs and budget. 1 www.medicare.gov 2 Based on rates for a private nursing home room. Genworth Financial 2006 Cost of Care Survey. Conducted by CareScout, an independent research firm. 03/06. 3 Based on rates for a non-certified but licensed Home Health Aide. Genworth Financial 2006 Cost of Care Survey. Conducted by CareScout, an independent research firm. 03/06.