Long-Term Care Insurance
Long-term care insurance is an important area of concern for the maturing physician and spouse. The high cost of long-term care and the extended life expectancy make this an important element of financial and estate planning.
Do you know? The chances of having long-term care needs are:
- 70% of us will need some type of care
- 7 years average care for a female
- 2 years average care for a male
- 20% will need care for more than 5 years
Do you know? The average costs of long-term care in Pennsylvania are:
Homemaker Services hourly rate $ 21* = $ 51,480
Home Health Aide Services hourly rate $ 21* = $ 52,624
Nursing Home semi-private up to $ 281* a day = $105,850
Nursing Home private up to $ 324* a day = $117,045
*Figures taken from Genworth Cost of Care
Unfortunately the same reasons for our needing long-term care have seriously affected the market. Premiums have gone up and some have increased as much as 90%. Any new coverage is much higher and more restrictive.
Fortunately the insurance industry has responded to this issue with a hybrid Life and Long-Term Care plan that is a good option for many. Please go to Life & LTC Combo for more information on this option.
If you are thinking about this type of insurance we urge you to contact us.
Easy to Apply
- Contact us to help design the correct plan for you.
- We will assist you in completing the application.
- Typically, no exam is required.
Please complete the form below and we will contact you with additional information.
Please complete the form below and we will contact you with additional information.