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LONG-TERM CARE INSURANCE

Risk Management

Our insurance professionals represent many of today’s major insurance carriers to provide life, long-term care, and disability insurance solutions for clients. 

Long-Term Care Insurance

“Long term care is an inter-generational problem. Addressing the long term care needs of one’s entire family is an essential part of your overall financial planning.”
                                                                              David Martin CPA, CFP^®, ChFC, MSFS

Long-term care insurance has been one of the fastest growing segments in the insurance industry for the past five years.  In order to keep up with the demand for this coverage as well as the dynamics of the industry, a company that specializes in long term care insurance is needed.  Our insurance professionals represent many of today’s major carriers.  This allows us to find the coverage and the carrier that makes sense for each client’s specific needs.

What is long-term care?

Long-term care is broadly defined as services provided to people who are no longer able to take care of themselves due to chronic illness, injury, or the effects of aging.  Care is typically provided in your home, a facility, or other community-based setting.  The average lifetime chance of needing long term care for an individual 65 years or older is more than 40%.  And approximately 72% of people turning 65 will use home care services.*

Why is long-term care a growing concern?

There are several reasons for the increasing need for this type of care. 

• First, people are living longer.  That’s the good news.  The bad news is that the longer you live, the more likely you will need care.
• Second, family dynamics have changed.  Family members may no longer be able to be the primary caregivers.  Often, families are geographically dispersed and children are living in other parts of the country.  In addition, women who may have in the past been the primary caregivers are now in the workforce and unable to assume this role.
• Third, you can no longer rely on the government to provide this care.  Government systems are already overburdened, and this will only get worse once the baby boomers begin to retire.  The federal government has recognized this, which is why they are already offering long-term care insurance to federal employees.
• Finally, the cost of care is continually rising.  For example, on a national average, a one-year stay in a nursing home costs about $76,460† and the average length of stay in a nursing home is 2.4 years.††  If not planned for, long-term care services can be financially draining.

What Are the Benefits of Long Term Care Insurance?

Today’s top policies offer an array of features, optional benefits, and payment variations to meet your individual needs.  Long-term care insurance gives you choices when you need care.  More important, coverage ensures the best type of care from the professionals you choose in the setting that is best for you.

Long-term care insurance gives you peace of mind when you need care.  A policy can help you preserve your independence, maintain your standard of living, protect your assets, and preserve your freedom of choice should the need arise.

For more information, please call 601.208.8606.

* Georgetown University Long-Term Care Financing Project “Who Needs Long Term Care?” 2002

† Genworth April 2008 Cost of Care Survey

†† U. S. Department of Health and Human Services, “The National Nursing Home Survey: 1999 Summary National Center for Health Statistics

Insurance products are offered through Fisher Brown Bottrell Insurance, Inc., a licensed insurance agency and wholly-owned subsidiary of Trustmark National Bank.