What is Long Term Care Insurance?

Long-term care consists of a range of services and support for your personal care needs. Most long-term care is help with basic personal tasks of everyday life that consist of 6 activities of daily living;

  1. Bathing

  2. Dressing

  3. Using the toilet

  4. Transferring

  5. Incontinence

  6. Eating

 

At this point there is about a *69% chance that you will need some kind of long term care during your lifetime.  The typical range of services include the following;

  • In-home nursing care

  • Adult day care

  • Assisted living facility

  • Nursing homes

  • Hospice

 

Many people believe that our healthcare system will help them pay for these services, but that is only true for a small amount of circumstances, for a limited amount of time, and will only apply to approved facilities and care.  For instance, Medicaid/MediCal will only pay for LTC costs if the individual has under $2,000 in total assets

 

As the **74 million baby boomer generation begins to create a larger demand for LTC it is only a matter of time before the demand for quality LTC facilities outweighs the supply.  It is never too late to start planning for LTC costs, but the sooner you do the cheaper it will be for you and your loved ones.

 

*The statistics on this page were taken from the longtermcare.acl.gov

**Generational information provided by pewresearch.org

Who buys LTC?

The largest group of people who buy long term care insurance are the ones who have had personal experience. They have seen their parents or grandparents either spend everything on care or seen the benefit of having LTC.  The impact it had on them and their family, and they don't want that to happen to their spouse and children.

Securities and advisory services offered through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC), member FINRASIPC,a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity. CA Insurance License# 0I59024.

 

Asset allocation, which is driven by complex mathematical models, cannot eliminate the risk of fluctuating prices and uncertain returns.  All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. A diversified portfolio does not assure a profit or protect against loss in a declining market.

This site is published for residents of the United States only. Registered representatives of Cetera Advisor Networks may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every representative listed. For additional information, please contact the representative(s) listed on the site or visit the Cetera Advisor Networks site at www.ceteraadvisornetworks.com.

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