What, Why and Who

What, Why and WhoWhat is long term care insurance?

Wow, it is a little frightening to think of needing long term care insurance. But you know what we really need to think about it. So what is long term care insurance? It is a type of health insurance that pays for skilled, intermediate, and custodial care in your own home, adult daycare setting, assisted-living facility, or nursing home.

Why do we need long term care insurance?

People buy long term care insurance feel the need to protect themselves financially in case they become unable to care for themselves because of a chronic illness, disability, or cognitive impairment, such as Alzheimer’s disease. If you have long term care insurance you want have feel you are a burden to your children. You may be able to stay in your own home if you get sick. Others just want to make sure they have the care should they need it.

Who needs long term care coverage?

According to the Insurance industry, just about everyone needs long term care insurance? Are they trying scarce us into buying insurance? No, just visit any nursing home. You will find that the residents are not just elderly people. Any age person can have a health related sickness or accident that requires them to need long term care. Research has been done that shows 60% of people who reach age 65 will require long term care at some time in their lives. One widely respected publication, Wall Street Journal, states “… a couple turning 65 has a 75% chance that one of them will need long term care.” This high risk can also affect the entire family where the children are at risk of a negative inheritance, also according to the Wall Street Journal.”

Cost of long term care

Long term care can be as much, or more, than $200.00 a day. Even with Medicare and a strong health insurance policy you still need long term care insurance. Many Americans think that if they are on Medicare they are covered for long term care. That is not the case. “When you ask them, ‘Does Medicare cover long-term custodial care?’ only a third know that the answer is no,” says Steven Wallace, associate director of the UCLA Center for Health Policy Research.all

It is important to choose your insurance provider wisely. It would be so tragic to choose a company that was no longer in business when you needed them. Or one that did not follow through as they had indicated they would. That is why you should let SMA Services, Inc. Help you decide what company you should purchase your long term care insurance from.

Give SMA Services, Inc. a call. We would like to work with you and help you chose what long term care insurance you need. We have a Customer Services Representative waiting to help you.
Customer Services – 1-800-423-4992

This entry was posted in Long Term Care by Bob Cantlay. Bookmark the permalink.

About Bob Cantlay

I have been working for the Southern Medical Association since 2004 and hold Bachelor of Science degrees in both Business Administration & Computer Science, as well as a Masters of Management. Outside of work, my wife and two kids are the center of activity; but occasionally I get away long enough to play Ultimate (Frisbee Football). I also have a newfound interest in kayaking.

Leave a Reply