Helping You Meet Your Needs For Long-Term Care

Transcription

1 Helping You Meet Your Needs For Long-Term Care Planning for long-term care requires important decisions. Let Bankers help design an insurance plan which fits your needs. The purpose of this advertisement is the sale of insurance and contact will be made by an agent LTC-FL 2012 Bankers Life and Casualty Company. (11/12)

2 What is long-term care? A range of services for people with functional limitations or chronic health conditions Long-term care* is offered in a variety of settings: At Home In Adult Day Care Facilities In Assisted Living Facilities In Nursing Homes How important would it be to have choices of where you receive care? *Certain exclusions and limitation may apply on Long Term Care insurance policies, Policy Forms N500, N510, GR-N620, GR-N630, GR-N640, GR-N650, GR-N670, GR-N680. For cost and complete details of coverage, please speak with an agent. LTC Bankers Life and Casualty Company. (11/12)

3 What does it cost? Home Health Care* Home Health Aide average rate = $21 per hour 8 hour shift = $168 Monthly = $5,040 Annual = $60,480 Assisted Living Facilities* One bedroom unit average = $3,293 monthly Annual = $39,516 Nursing Homes* Private room, drugs, supplies average = $229 per day Monthly = $6,965 Annual = $83,585 What impact would one of these expenses have on everything you have worked your entire life for? *All costs are national averages. National Clearinghouse for Long-Term Care Information, Paying for LTC, LTC Bankers Life and Casualty Company. (11/12)

4 Who needs long-term care? 70% of people will need some type of long-term care after age 65* Of those, most will need three years of long-term care in their lifetime* Not all persons in need of long-term care are elderly 40% are under age 65* Not all people who need a plan are ill. Don t confuse getting sick with needing care* *National Clearinghouse for Long-Term Care Information (U.S. Dept. of Health and Human Services), Understanding LTC, LTC Bankers Life and Casualty Company. (11/12)

5 Consider the risks Your chances Of having an automobile claim 37 out of 1000* Or 3.7% Of having a homeowner s claim 65 out of 1000* Or 6.5% Of needing Long-Term Care 700 out of 1000** Or 70.0% *The Insurance Information Institute, ** National Clearinghouse for Long-Term Care Information (U.S. Dept. of Health and Human Services), Understanding LTC, Would you step into your car without car insurance? Would you go even one day without Homeowners Insurance? These are just things. With long-term care, not only are the chances of needing it greater, but so are the consequences. Long-term care can jeopardize what you have spent a lifetime building. LTC Bankers Life and Casualty Company. (11/12)

6 Why has long-term care become a bigger concern today? Many people believe Medicare will pay In 1983, Medicare introduced the DRG (Diagnostic Related Group) system that codes each injury/illness and assign a dollar and day amount to each. The End Result Medicare now only covers skilled care (up to 100 days) and no custodial care.* The problem is that a majority of long-term care is custodial.** The Bottom Line The Medicare benefits your parents and grandparents received is much more generous than what current and future retirees can expect! Can we agree that Medicare may not be the answer? *Centers for Medicare & Medicaid Services, Long-Term Care, ** National Clearinghouse for Long-Term Care Information (U.S. Dept. of Health and Human Services), Understanding LTC, Medicare Supplement Insurance Policies are underwritten by Colonial Penn Life Insurance Company, an affiliate of Bankers Life and Casualty Company. Colonial Penn, Bankers and their licensed agents are not connected with or endorsed by the U.S. Government or the Federal Medicare Program. LTC Bankers Life and Casualty Company. (11/12)

7 Why has long-term care become a bigger concern today? Family Transformation Work commitments two-income families Busier lifestyles/family considerations Longer distances between family units A busier lifestyle will impact your family s ability to take care of you regardless of how much they want to! Long-term care is as much about those that will care for you as it is about you. 7 in 10 caregivers report making changes like cutting back on their working hours, changing jobs, stopping work entirely, taking a leave of absence or other such changes as a result of their caregiving role.* *National Alliance for Caregiving, Caregiving in the U.S., LTC Bankers Life and Casualty Company. (11/12)

8 Why has long-term care become a bigger concern today? People are living longer More effective medications, surgeries and medical equipment are available today. Do you believe that it is possible that you could live a long life? If so, do you think that if you live long enough, it s possible you could become frail and need care? LTC Bankers Life and Casualty Company. (11/12)

9 The most important consideration: If long-term care were needed, the physical, emotional and financial consequences to those you love could be severe. LTC Bankers Life and Casualty Company. (11/12)

10 What are the concerns when facing long-term care? Protecting Assets What do your assets represent? Everything you have worked your entire life for! Home Savings/ Retirement Legacy What sacrifices have you made to get to where you are today? LTC Bankers Life and Casualty Company. (11/12)

11 What are the concerns when facing long-term care? Burdening Loved Ones/Family Friends and family are the sole caregivers for 70% of the elderly. Consider the sacrifices they make: Physical Emotional Financial Personal/Family Even if your family is willing to do whatever it takes to care for you 24/7, is that ok with you? If you could, would it make sense to protect your family against these sacrifices by allowing them to supervise your care rather than provide it? LTC Bankers Life and Casualty Company. (11/12)

12 What are the concerns when facing long-term care? Dignity You have worked your whole life to build an identity as a good spouse, parent, etc. You have worked your whole life to maintain your independence and personal privacy If you need long-term care, wouldn t you want choices of where you receive it? Identity, independence, personal privacy and choices... Without proper long-term care planning, all of these are at risk. LTC Bankers Life and Casualty Company. (11/12)

13 What are some of your options? Option 1: Self-Insure Option 2: Medicaid Option 3: Private Insurance LTC Bankers Life and Casualty Company. (11/12)

14 What are some of your options? Option 1: Self-Insure Option 2: Medicaid Option 3: Private Insurance Consequence: Spend Assets often including home at a rate of $50,000 $70,000 per year*. The things you have worked your entire life for could be at risk. *All costs are national averages. National Clearinghouse for Long-Term Care Information, Paying for LTC, LTC Bankers Life and Casualty Company. (11/12)

15 What are some of your options? Option 1: Self-Insure Option 2: Medicaid Option 3: Private Insurance Consequence: You have relinquished most of your assets. The state may dictate where you will live, who cares for you and how you re taken care of. LTC Bankers Life and Casualty Company. (11/12)

16 What are some of your options? Option 1: Self-Insure Option 2: Medicaid Option 3: Private Insurance Consequence: A monthly premium you can budget for! LTC Bankers Life and Casualty Company. (11/12)

17 Your options are: Option 1: Self-Insure Option 2: Medicaid Option 3: Private Insurance At the time of needing care, which consequence would be the easiest for you and your family to live with? LTC Bankers Life and Casualty Company. (11/12)

18 You have spent a lifetime accumulating assets There are four factors that can affect your assets: Retirement Income Growth Security Emergency Final Expenses/ Survivor s Income Burial Taxes Gifts Medical Expenses Hospital Doctor Medicare Critical Illness Long-Term Care At home Assisted living Nursing home Medicare Supplement Insurance Policies are underwritten by Colonial Penn Life Insurance Company, an affiliate of Bankers Life and Casualty Company. Colonial Penn, Bankers and their licensed agents are not connected with or endorsed by the U.S. Government or the Federal Medicare Program. LTC Bankers Life and Casualty Company. (11/12)