What is long term care insurance?
A long term care (LTC) insurance policy helps cover the cost of long term care, picking up where health and disability income insurance leave off. LTC refers to help with daily activities -- such as eating, bathing or dressing -- over an extended period of time. It can also include help for those suffering from a severe cognitive impairment such as Alzheimer's disease. LTC is generally provided in the patient's home, an assisted living facility, or a nursing home.

Why would I want long term care insurance?
Because: (1) at some point in your life there is a strong probability that you may need LTC (2) LTC is very expensive. The national average cost of a semi-private room in a nursing home is now $70,000 annually. By 2030, the average annual cost of nursing home care is expected to exceed $190,000 per year*; (3) in most cases, health and disability insurance cover only a fraction of LTC costs.

Don't expect much help from Medicare or Medicaid either. Medicare pays for skilled care, however it pays for a limited period of time and generally does not cover custodial care (other than incidental homemaker services). Medicaid covers some long-term care, but not until you (and your spouse) "spend down" nearly all of your assets.

The bottom line: If you want access to the highest quality of care and don't want to trade the wealth you've accumulated over a lifetime to pay for your care, you need LTC insurance.

Remember, too, that the need for LTC can happen to anyone, even in the prime of life. And the cost of purchasing LTC insurance is substantially reduced when you purchase it while you're young.

Get a top product
Your Pyramid Life agent can provide you access to quality LTC insurance products underwritten by industry leading companies, providing you the flexibility to select a product with built-in benefits or optional cost riders that address your specific needs at key stages of life.

To find out more about Long-Term Care insurance and how a Pyramid Life agent can provide you Senior Solutions, contact us today.

* Can Aging Baby Boomers Avoid the Nursing Home", American Council of Life Insurers, pg.12, 2003.