Most retirees in Olathe, Kansas have purchased insurance to protect their home or car from major catastrophes. But are you long term health care costs covered? Needing this type of coverage and not having it can have dire consequences – it may drain your “nest egg”. Here are some surprising facts about Long Term Health Care that may provide some insight into an all too forgotten type of insurance during your retirement, Long Term Health Care Insurance.

Are You Protected Against The Greatest Risk in Retirement?

Here are your chances for having the following major life events happening after reaching age 65, based on remaining life expectancy.

Major House Fire

Men 2.2%
Women 2.6%

Severe Car Accident

Men 15.5%
Women 18.0%

Needing Long Term Care

Men 44.0%
Women 72.0%
 

As you can see, needing long term care represents a considerably higher risk for us when we get to be over 65. Yet, most of us are insured for house fires and care accidents, but not for Long Term Care.

Call us or send us an email if you’d like to discuss ways to address the risk.

Important & Surprising Facts About Long Term Care Insurance

• 71% of Long Term Care services are home- based (Nursing Home claims are less than 10% of Long Term Care Claims).
• 73% of the care-givers are family and friends.
• For every person confined to a nursing home, there are 6.8 people with the same restrictions and health issues receiving care at home.
• 51 Million Americans are caring for aged and incapacitated friends and relatives.
• There are more people in Adult Day Care programs than there are children in Child Day Care programs.
• 42% of the people who need Long Term Care are under 65 years old.
• Assisted Living facilities charge 56% of what nursing homes charge.