Long Term Care Insurance

WHAT IS LONG TERM CARE?

Long term care insurance helps pay for long term care services needed due to a chronic disease, serious accident, sudden illness, or cognitive impairment such as Alzheimer's, that limits a person's ability to think or reason. Long term care services may be provided by a health care professional such as a nurse, a home health aide, or other personal care providers such as family members and personal care attendants. Long term care insurance can pay for varying levels of care in a variety of locations, ranging from a few hours of care per week at home to round-the-clock care in a nursing home.     Long Term Care Costs   Long Term Care can be expensive.  In 2008 the average annual rate for a private nursing home room is $76,460 - up 17% since 2004.  The demand and costs for in-home care are on the rise.  And, we face an impending caregiver shortage that could drive costs even higher.   Ask your PLFS consultant for a Financial Needs Analysis to help you calculate your need for Long Term Care insurance.