 Long Term Care insurance is one of the most overlooked insurance policy in the South Asian community.
There are many reasons for it. Most people from Asian countries never really needed the long term care type benefits in their home countries because...
- Culturally, the children provided for the parents in old age.
- Joint Families living together was common.
- The woman of the house worked in the home rather than taking jobs elsewhere.
- Healthcare in countries like India was inexpensive.
- Average Life Expectancy was not as high.
TImes Have Changed
- In most households, both spouses work.
- Joint family households are uncommon.
- The cost of healthcare and long-term care can be extremely expensive.
- Advances in healthcare have increased Average Life Expectancies to the 80s, and the trend to live longer is continuing.
Some Thought-Provoking Long Term Care Statistics
- "For a couple turning 65, there is a 70% chance that one of them will need long-term care."
- Wall Street Journal
- "60% of people over 75 need long term care. The average facility stay for older folks is about 3 years."
- Business Week
- "97% of people over age 85 require assistance in the last year of life."
- The LTC Report
- "Singles are at risk because they're usually not with someone who can properly care for them. The same is true for wives, who tend to outlast their husbands by a seven year average."
- "Over 50% of all people entering a care situation are penniless within one year."
- Harvard University
- "Tax breaks for premiums highlight Washington's firm support of private insurance."
- U.S. Center for Disease Control
- "By 2007, a private room will cost over $250/day ($94,000/year)."
- LTCIP Academy
- "Singles are at risk, because they're usually not with someone who can properly care for them. The same is true for wives who tend to outlast their husbands by seven year average."
Long-Term Care Planning doesn’t necessarily mean you have to purchase insurance.
However, having a game plan in place in the event of that you will require this costly need absolutely makes sense.
How Do You Plan to Pay for Your Long Term-Care Costs?
- Cash or Savings: Great, if you’re wealthy!
- Medicaid: Not the best option. Medicaid also means “no choice or limited choices” in many cases.
- Children Paying on Your Behalf
- Living Abroad where Healthcare Is Cheaper
- Life Insurance with Long-Term Care Riders: Ask us about this option.
- Long-Term Care Insurance
Many types of policies are available on the market—including ones that can provide cash—which can be used to pay for long-term care expenses abroad.
We represent all the major long-term care providers. Additionally, we have the expertise to guide you with the selection and implementation of your long-term care needs. It’s a serious subject that requires a serious look.
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