Start the Conversation about Long Term Care Insurance

None of us want to face the possibility that we will need to provide support for a loved one or that we, ourselves, will need care. We’ll need emotional, physical and financial support. And that financial support is where long term care insurance comes in.

Here are some general guidelines to help you get the conversation started on this tough-to-talk-about subject:

Do your homework.

Become familiar with the basics of long term care insurance. Learn the jargon. Research the costs of long term care in your area to understand how much care could cost. This web site has lots of valuable information and a Cost of Care Map to help in your research.

Here are two other great sources of information.

• The National Clearinghouse for Long Term Care Information developed by the U.S. Department of Health and Human Services at www.longtermcare.gov
• The Guide to Long Term Care at www.aarp.org

Get a handle on your financial picture.

If you haven’t done so already, it is a good idea to have information about your assets, retirement savings and investments handy so you can assess how financially prepared you’ll need to be to pay for the type of care you may need.

Start the conversation early … before you need care.

Here are three reasons you shouldn’t put off starting the conversation, or making the decision to buy long term care insurance for that matter.

1.	The worst time to begin dealing with long term care is the day you need it. You won't be at your decision-making best when there’s a care crisis for you or a member of your family
2.	It will probably be too late to buy the insurance that could help you with the cost of care
3.	The younger you buy, the less expensive long term care insurance may be

Include others in the conversation.

Talk to your spouse, your children or other important family members about your hopes and expectations should you need help taking care of yourself as you grow older. Do you want to move to an assisted living facility or receive care at home? Who will be responsible for helping ensure your needs are met? If you are counting on help from a family member, make sure you are both aware of the financial and emotional impact.

Talk to a professional advisor.

If you can’t take care of yourself as you grow older, there are plenty of options to get the extra care you need, but when it comes to paying for long term care, your options are more limited.

Did you know that the national average cost for a home health aide is $1,972 per month? The monthly cost for assisted living is $3,008, and $6,357 for care at a nursing home.¹ Can you afford that? If you can, would you rather set aside that money for your children or grandchildren, or a favorite charity?

Long term care insurance enables you to obtain the quality of care you want, where you want it and prevents you and your family from experiencing financial strain during a potentially difficult time. It helps maintain your independence and your quality of life.

In short, long term care insurance gives you more choices.

Talk to your insurance or financial advisor TODAY about long term care insurance.

1

U.S. Department of Health and Human Services, National Clearinghouse for Long Term Care Information, www.longtermcare.gov. Monthly home care calculation based on 2008 national average hourly rate of $29 and 17 hours of care per week for 4 weeks per National Claimant Study. Monthly nursing home calculation based on 2008 national average daily rate of $209 for 365 days divided by 12 months.