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DISABILITY INSURANCE

LONG TERM CARE INSURANCE

The APsaA Long Term Care Plan is offered through MetLife.

Research shows, about 40% of people needing long-term care are adults are between the ages of 18-64.1 Additionally, the cost of long-tem care services may be surprising That is why it is such a good idea to consider long-term care insurance as an integral part of a well-rounded financial plan.

Here are five questions to ask yourself when evaluating your personal long term care needs:

1. Do you think that a disabling event could happen to you?
2. Do you think Medicare will take care of your long term care needs?
3. Do you think your children can take care of you?
4. Do you think you can self insure for a long period of time?
5. Is there any other risk that can deplete your life savings?

What is Long-Term Care?

Long-term care (LTC) is the assistance that is provided to people who are unable to perform the Activities of Daily Living (ADLs) that healthy, fully-functional people do independently and on a daily basis.

Some people mistakenly assume that most people receive long-term care services in nursing homes. In actuality, a number of people in need of long-term care services receive them at an assisted living facility or in one’s own home.

The costs of long-term care services are significant – and estimated to climb to $190,600 per year by 2030! 2

The average yearly costs tell the story:

• Nursing Home - $52,000 3
• Home Care - $23,000 4
• Assisted Living Facility - $26,000 5

Those costs can quickly add up. With the average stay at 2.6 years, for instance, the average cost of nursing home care is now $135,707 per person or $271,414 for a married couple.

NEXT: Benefits & Coverage

Sources:

1. Less Than Meets The Eye, Barron’s, 3/27/2000.
2. ACLI Study, "Can Aging Baby Boomers Avoid the Nursing Home?" March 2000.
3. MetLife Mature Market Institute, "MetLife Market Survey on Nursing Home and Home Care Costs 2002," April 2002. (Based on $18/hour, 5 hours a day, 5 days a week for a home health aide)
4. lbid
5. MetLife Mature Market Institute, "MetLife Survey of Assisted Living Costs 2002," May 2002.
   

Benefits & Coverage

Eligibility & Costs

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