Long Term Care Insurance
Looking for Long Term Care Insurance in California?
The Simple Truth About Long Term Care,
- In 2020, nursing home care cost averaged about $300 a day or about $109,500 a year in California according to the Genworth Cost of Care Survey.
- At least 3 in 4 Americans are either uninsured or underinsured for long term care.
- According to US Government statistics, over half of Americans who reach age 65 will need long term care for more than a few months at some point. For a couple, the percentage rises to 77% that at least one spouse will need care for more than a few months at some point.
- Among people age 65 and older, 30% have three or more chronic diseases.
- Nearly 79% of people who need long term care live at home or in community settings rather than in institutions.
- The main causes of long term care are Alzheimer’s, stroke, circulatory disease, injury, and cancer.
- Of those who enter a nursing home, 44% will stay at least one year and 12% will remain longer than five years.
- Long term care insurance reduces a person’s chances by 66% of having to spend down his or her savings to the point of impoverishment to qualify for Medicaid assistance.
- The average cost for a home health aide or homemaker in San Francisco, Los Angeles, and San Diego is at least $25 per hour.
- The long term care insurance industry is proud of its record of paying nearly 97% of all claims submitted.
- 66% of long term care insurance claims are paid to women.
- If you meet Medicare requirements, Medicare will only pay the full cost of skilled nursing home care up to the first twenty days of a covered stay and then only a small part of the bill for the next eighty days.
In general, the annual premium for long term care insurance rises by at least 30% from age 50 to age 60 in a California policy and by more than 40% from age 55 to age 65.
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We make buying long term care insurance easy
At Eastman Insurance Solutions, we make the process of buying LTC insurance extremely simple.
We have access to a wide range of insurance companies so we can survey the marketplace and based on your individual rating criteria, find the best possible California Long Term Care insurance policy at the best price.
The most common type of policy is comprehensive. It pays benefits for care in one’s home or in a facility. This is by far the preferred type of plan due to its flexibility. This type of plan pays benefits of care in any state, and many pay international benefits as well.
In recent years, hybrid or linked products have also become popular. They combine life insurance or annuities with long term care or chronic illness riders. These riders can accelerate the death benefit to pay for care. Some policies contain extension of benefit riders which can cover care beyond the amount of the death benefit.
These products are generally more expensive than traditional long term care insurance, but policyholders always receive a benefit and the rates are guaranteed.
How much long term care insurance do I need?
A mistake that we often see people make is basing their California Long Term Care insurance coverage on a guess, or just grabbing a number out of thin air without realizing what the impact of inflation could have on their insurance proceeds.
One of the benefits of working with an independent agent like us is that we can sit down, and through a comprehensive needs analysis, determine the exact amount of coverage you will need to protect the people who depend on you.
The amount of coverage you need depends on a number of different variables. Here are a few examples:
Level of your personal assets you wish to protect
Current cost of care of where you live or plan to retire
Length of time you’d like to be covered
Your Current Age
As you can see, there are many issues to think about when designing your coverage.
How to get started on your Long Term Care Insurance quote
To get started on your quote, call our office or click over to our quotes page.
Either way we'll make the process simple!