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What is Long-Term Care (LTC)?

What is Long-Term Care (LTC)?. Long-Term Care is the type of assistance you would need if you were unable to handle some of the basic activities of daily living or if you require substantial supervision due to a cognitive impairment. Where Can I Get Long-Term Care Services?. Your home

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What is Long-Term Care (LTC)?

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  1. What is Long-Term Care (LTC)? • Long-Term Care is the type of assistance you would need if you were unable to handle some of the basic activities of daily living or if you require substantial supervision due to a cognitive impairment

  2. Where Can I Get Long-Term Care Services? • Your home • Adult day care facility • Assisted living facility • A facility for people who can live somewhat independently, but need assistance with basic activities of daily living • Nursing Home • Hospice care • Care provided for a terminally ill patient; can be provided in the home or at a facility

  3. What are the chances… • …that YOU could need long-term care services?

  4. Long-Term Care is a Reality Average life expectancy after Alzheimer's diagnosis after age 65 Average length of majority of long term-care claims 70% 3.8 4-8 Of people over age 65 will require long-term care1¹ years 2 years 3 • Source: National Clearinghouse for Long Term Care Information, U.S. Department of Health and Human Services: Planning for LTC. Date accessed, January 18, 2012. • Source: American Association for Long-Term Care Insurance, 2010 LTCi Sourcebook • Source: Genworth Cost of Care 2012 Survey; April, 2012

  5. Your Long-Term Care Experiences • Who? • Where? • How was it paid for? • Who provided the care? • How long did the person need care? • Was the care expected or unexpected? • How did long-term care affect the family?

  6. The Cost of Long-Term Care • Average/ Median Cost of Care3 • Home health care - $18 per hour • Annual cost (based on 40 hours of care): $41,184 • Average need of 4.5 years could total: $185,328 • Specialized HHC - $19 per hour • Annual cost (based on 40 hours of care): $43,472 • Average need of 4.5 years could total: $195,624 • Adult Day Care averages $61 per day • 50 weeks, 5 days a week: $15,250 Source: Genworth Cost of Care 2012 Survey; April, 2012

  7. Covering the Cost of LTC • Personal Income and Assets • One long-term illness may jeopardize your accumulated retirement savings • If the cost of care was $80,000 to $100,000 a year, how many years of long-term care could you afford before you depleted YOUR liquid assets?

  8. Covering the Cost of LTC • Family • 57% of primary caregivers provide care for more than 16 hours each week; 31% more than 30 hours each week8 • 83% of caregivers contributed financial (out-of-pocket), an average of $8,800 annually8 • 48% of caregivers lost their jobs or missed career opportunities • Care was needed due to 45% for a specific illness, 42% age related frailty, 23% for cognitive impairment, and 13% for rehabilitation after an accident or surgery8 • Can your family afford to care for you? • Would you want them to? Beyond Dollars, The True Impact of Long Term Caring; Genworth Life Insurance; March 2012

  9. Preparing for Long-Term Care • Only 17% of baby boomers have planned for long-term care needs16 • Only 10% of adults over age 65 own a long-term care insurance policy16 Have you thought about long-term care? Sources: A Golden Opportunity: Emerging demographics, new legislature and budget shortfalls have converged to create unprecedented long-term care insurance opportunities for both U.S. insurers and consumers, Resource, LOMA; www.medicare.gov/LongTermCare 2/2008;

  10. Advantages of Private LTC Insurance • Avoid physical and financial dependence on family and friends • Protect your hard-earned assets • Maintain choice on how and where to receive care • Assure high-quality care, at an affordable price • Stay at home when you need care • Maintain your independence Limitations may apply. Please reference policy documents for specific limitations

  11. Planning is Always the Best Option! • Many often put off the decision of how they will afford long-term care • Too often, people wait until they critically need care. By then, they may not qualify for insurance • Remember: the healthier you are, the longer you are likely to live. The longer you live, the more likely it is that you will need long-term care • Evaluate your situation • Discuss the emotional and financial issues with your family • Explore all the options

  12. DISCLOSURES: The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual. To determine which investment (s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly. Life insurance policies contain exclusions, limitations, reductions of benefits, and terms from keeping them in-force. Your financial professional can provide you with costs and complete details. SECURITIES OFFERED THROUGH LPL FINANCIAL MEMBER FINRA/SIPC

  13. WE NEED TO TALK

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