With nearly two decades of experience in assisting clients here in the Dallas-Fort Worth region plan for their retirement, Lewis Brown can work with you to be ready for the difficult uncertainties, such as a chronic illness or disabilities that require care over an extended period of time. Lewis Brown can assist you in deciding whether long term care insurance is right for you and your priorities and financial circumstances.
Long term care insurance covers costs associated with daily living assistance, provided at home or in a facility that traditional health insurance plans and even Medicare do not.
According to the Centers for Medicare & Medicaid Services handbook, at least 70 percent of Americans over the age of 65 will at some point require long term care for their special needs. Long term care types include: Homemaker Services, Home Health Aide Services, Adult Day Health Care, Assisted Living Facilities, and Nursing Home Care.
The costs associated with long term care services can be hefty. A 2015 study revealed that in Texas, the median range of different the long term care services is roughly $40,000 to just under $70,000 a year.
Most if not all employer-sponsored health insurance plans do not cover the costs of long term care. When you reach your golden years, Medicare will only cover short stays in nursing homes or short term at-home care, and only if you have already exhausted nearly all of your financial resources.
The result: “Americans 40 or older are not very confident that they will have the financial resources to pay for the long-term care they need as they grow older,” according to the Associated Press-NORC Center for Public Affairs Research. The center also reports this group, “tends to underestimate the costs of living in a nursing home,” with two-thirds of those polled not saving at all for long term care.”
At Lewis Brown our independent professionals offer practical guidance that is tailored to your specific life circumstances and fits your individual needs. One-on-one, we can help you create a plan from a variety of long term care insurance policies and programs that will help you manage the cost of long term care.
*Fixed Insurance products and services offered through Lewis Brown