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Long-Term Care

  • What are the chances I will need Long-Term Care?

    70% of people who reach the age of 65 will need some form of long-term care (LTC) in their lifetime.  90% of those who reach the age of 80 will eventually need nursing home care.  LTC is the greatest insurable risk in America and the least understood. 

    Won't the government take care of me?

    Medicare will not provide for LTC.  It covers only restorative care for no longer than 100 days.  Medicaid is a needs-based program that will provide limited care, only after one has spent down nearly all their retirement savings and assets on their own care first and then surrenders their income.  Social Security has no relation to LTC expenses.

    Won't my medical insurance provide my Long-Term Care?

    Medical insurance pays only for care that is restorative in nature, i.e. pre and post-surgery.  It will not cover chronic conditions, which are custodial in nature. This is the same loophole that exists in the Medicare program.

    Can I afford Long Term-Care Insurance?

    The average cost of care in America today is nearly $80,000 per year,** while the average yearly premium is a small fraction of this cost.  You can purchase a policy for pennies on the dollar relative to the actual cost of care by creating leverage upwards of 30:1 in terms of benefits versus premium dollars.  In reality, most Americans cannot afford not to own a policy. 

    Can I buy my policy later and save money?

    LTC plans are uniformly priced, based partly on age, so there will never be a better time to purchase a plan than now.  There will always be a built-in cost of waiting.  Furthermore, LTC policies are medically underwritten; waiting to buy may decrease or eliminate your chance of insurability due to an unforeseen event affecting your health.  40% of people who receive LTC are under the age of 65.***

    What if I never need Long-Term Care?

    The philosophy behind insurance is to protect against catastrophic losses.  Consider yourself lucky if you never use it.  Having LTC protection and not using it is much less expensive than needing care, but not owning a policy.  The peace of mind created by being prepared is something most people cannot put a price on.

    What if I don't want to end up in a nursing home?

    You aren't alone.  A LTC plan will pay for you to be in any licensed facility in the country or for care in the comfort of your own home.  Nursing home care is covered, as well as personal care and homemaker services. In fact, only 18% of LTC recipients are in nursing homes.***

    To learn more about this educational program or to schedule your personal and complimentary long-term and extended health care educational session, you can contact a Certified Long-Term Care Specialist (CLTC):

    Edward Althof, CLU, CEBS, CLTC
    (814) 833-5433 or toll free (877) 718-9935
    ealthof@LSinsure.com

    Michael Ocilka, CLTC
    (724) 212-3707
    mocilka@LSinsure.com 
     
    Jennifer DeForce, Long-Term Care Coordinator
    Gannon Class of 1995
    (814) 833-5433 or toll free (877) 718-9935
    jdeforce@LSinsure.com

    Michael Beuchert, CLU, LUTCF, CLTC
    Gannon Class of 1971
    (814) 833-5433 or toll free (877) 718-9935
    mbeuchert@LSinsure.com