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What is LTCi

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What is Long Term Care?

Long term care is defined as custodial care when a person requires assistance with Activities of Daily Living (commonly referred to as ADL’s) or has significant cognitive impairment.

In order to trigger a long-term care insurance benefit a person must need help with 2 of 6 defined ADL’s : Bathing, Dressing, Eating, Toileting, Transferring, Continence or have severe cognitive impairment such as that caused by Alzheimer’s, Dementia, or Head Injury.

Long-term care is costly and has limited to no coverage under conventional health or disability insurance. Long-term care insurance protects your assets and your family’s resources.

The Cost of Long Term Care

If the cost of long term care in 2007 is $70,810 and the average stay is 2.4 years1 for a nursing home facility – the total cost of care for a nursing home alone is $169,944 without inflation.

Year

Projected Cost of 1 Year of Care

2006

$62,415

2016

$96,743

2026

$149,796

2036

$232,184

2046

$360,135

 

 

Projected Costs Assume a 5% increase in cost per year

Costs for care increased an average of 5.4% per year from 2004-2007

 

How Will Your Employees Pay for Care?

· Retirement Fund?

· Investments?

· Assets?

· Long-term care insurance?

You can help your employees protect their assets by adding long-term care insurance to your benefits package.

1US Department of Health and Human Services:

http://www.longtermcare.gov/LTC/Main_Site/ Paying_LTC/Costs_Of_Care/Costs_Of_Care.aspx


 

 
 
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