Long Term Health Plans

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Long Term Health Plans

Can You Afford To Pay Out-of-Pocket?

The costs associated with care for seniors has skyrocketed over the last decade, with some parts of the country averaging anywhere from $60,000 to $80,000 a year. Social Security and savings will not cover this for most people. Before one gets to the point where they require assistance with the basic activities of daily living (eating, dressing, bathing, restroom), a comprehensive long term care insurance policy should be firmly in place.

What Do Long Term Care Insurance Plans Cover?

70% of Americans that are 65 are older will need some kind of long term health care insurance and it is not covered by Medicare. When people hear the phrase Long Term Care Plan, they only think of nursing homes. This really just scratches the surface. Proper coverage should be able to provide the following benefits:

  • Nursing home
  • Assisted living facility
  • Respite care
  • In-home nursing services

Long Term Care Options

  • Duration – a fixed period or lifetime coverage
  • Daily benefit amount – how much the plan spends per day
  • Choice – receive care where you wish
  • Inflation protection – assurance against rising costs
  • Investment protection – secure assets against medical creditors

Average Benefit Periods for Long Term Health Plans

According to the American Association for Long Term Care Insurance, nearly 80% of people enrolled choose a 3 – 5 year benefit. Here is how the data stacked up:

  • Less than 3 years: 11.5%
  • 3 Years: 33.8%
  • 4 Years: 25.5%
  • 5 Years: 20.0%
  • 6 – 10 Years: 5.5%
  • Lifetime: 3.6%

Human Resources, Inc. and Long Term Care Insurance Florida

Based in the greater Tampa / St. Petersburg area, we have assisted many businesses set up long term health insurance policies for their employees. Deductions can be 100% employee-funded or you may choose to participate in partial premium payments that are tax deductible. This is a growing segment of the insurance industry due to the increased elderly population, rising costs of care, and the possible burden that can be placed on family members if no coverage exists. Let us take care of your long term care.

Contact one of our Long Term Care Specialists today!

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