Long Term Care Insurance – Alternatives
As I remain committed to servicing surrounding communities financial and or insurance needs, I continue to stay informed of new and or changing products and services that may help you and or your loved ones strengthen your current as well as future financial foundation.
As you may be aware, societies life expectancy has increased. As a result, people are now living longer, and studies show that more than 70% of the aging demographic of age 65 years and older at one point in their lifetime will need some type of long-term care assistance. Furthermore, Genworth’s Cost of Care 2004-2019 report; notes some long-term care costs are outpacing the U.S. inflation rate of 2.1% by almost double.
Perhaps you have had the experience of a loved one or know of someone who has undergone the need for long-term care assistance and may be familiar with how the emotional stress and financial tension this type of life changing event can cause. The good news is there are several alternatives, e.g. In Home Care Plans, Medi-Cal Asset Protection Strategies; to the standard Long-Term Care insurance policy.
Furthermore, in correlation with the California Health & Human Services Agency; California’s Governor Newsom has issued an executive order that calls for a Master Plan for Aging to be completed by the end of December 2020. Anchored within in this plan, is the Long-Term Services and Supports Subcommittee formed to provide input and access to resources regarding institutional, home and community-based services, which will include In-home Supportive Services.
Unfortunately, Original Medicare Part A (Hospital) and Part B (Medical) benefits along with Medicare Supplements or traditional medical health insurance plans are not structured to help pay for a long-term care event. If a traditional Long Term Care insurance plan is not accessible consider the up-and-coming Long Term Care Alternatives.
To Read The Long-Term Services – Subcommittee Report: https://www.chhs.ca.gov/home/master-plan-for-aging/subcommittees/ltss/
Genworth’s Cost of Care Survey; https://www.genworth.com/aging-and-you/finances/cost-of-care.html