A Drop In the Bucket

Long Term Care is averaging $74,000 a year for nursing home care in West Virginia. Yearly premiums are just "a drop in the bucket" compared to what people pay out of their life savings. Doesn't it make sense to adjust your budget or let the interest off your savings and investments pay for the premiums rather than risk losing your life savings?

The cost of long term care will increase, how is the policy I buy now going to protect me in the future?

With a three or five percent inflation protection on your long term care policy, your 'pool of money' grows as time marches on.

So, for instance with 3% inflation protection, a $72,000 pool of money will grow to almost $94,000 in 10 years! Genworth offers inflation protection.

How can I get Long Term Care Insurance?

Underwriting Long Term Care policies are done according to health. You shouldn't wait until your health begins to fail to consider getting insured. If you do, it may be too late to get the coverage.

Another reason for not waiting is price. There is a 'cost of waiting' when buying Long Term Care insurance. Premiums are based on age. The older you are, the higher your premium. Considerably higher, so it is best to get it while you're young.

What is long term care?

WHAT IS LONG TERM CARE?

Definition:

It is a range of medical and/or supportive services for those who lack some capacity for self-care due to a chronic illness or condition, and who are expected to need care for an extended period of time. (Normally, 90 days or longer)

Important Terms:

Skilled Care - Involves daily nursing and rehabilitative care that can be provided only under a doctor=s supervision by medical personnel.

Intermediate Care - Involves occasional nursing and rehabilitative care that can be provided only under a doctor=s supervision by medical personnel.

Custodial Care - Involves assistance with the activities of daily living (ADL=s) provided by non-medical personnel.

ADL=s - Dressing, Eating, Toileting, Continence, Transferring, and Bathing.

Cognitive Impairment - Is a deterioration or loss of intellectual capacity which requires continual supervision to protect yourself or others.