Ridgefield Park, NJ: Let’s face it. If you’re in your 40’s or 50’s, it’s likely that the last thing you want to think about is planning for the possibility of needing long term care. Yet, some key findings of a survey done in 2013 by the Associated Press and the Non-partisan and Objective Research Organization (NORC) at the University of Chicago included the following statistics:
“As a primary care doctor, I see my patients struggle with how the cost of age-related care affects their lives and their financial realities. Long-term care costs are huge. We can’t afford not to think about them,” says Dr. Mary Pickett of Harvard Medical School.
As to what Medicare DOESN’T cover, healthline.com has published the following list:
In fact, usaa.com states that:
“Medicare does not cover any type of long-term care, whether in nursing homes, assisted living facilities or people's own homes. Medicare does, however, provide coverage for short-term stays in skilled nursing facilities — which are, very often, in nursing homes.”
According to the Association of Long-Term Care Planning, the current average cost of nursing home care in New Jersey is around $10,000 a month. And it’s not much different in places around the country.
These are just some of the reasons that Patti Goldfarb, owner of Employee Benefits Advisors Group, LLC an insurance company specializing in long term care and health insurance is adamant about employers and individuals getting educated about and possibly purchasing long term care insurance starting at a reasonably young age. “Nothing worse than being stuck on a fixed income and you need long-term care without having planned for it. This can bankrupt you.” she says.
So, it seems that for most people, long-term care insurance might be essential for protecting their estates and their families. Just like life insurance, long term care insurance monthly premiums are cheaper when you’re younger. Granted, you’d probably be paying premiums longer than you would if you purchased it at an older age, but there are two potential things wrong with waiting until old age to purchase insurance:
Ms. Goldfarb will often recommend that her clients get a hybrid life and long-term care insurance policy. She lists popular carriers of this type of insurance as:
“Long term care insurance is a gift for your kids. Kids don’t have to take care of you. Nobody wants that for their children. Plus, premiums for long term care insurance may be cheaper than you think and there are a lot of options out there.” she says.
Employee Benefits Advisors Group, LLC works with small and mid-sized employers, associations, chambers of commerce, as well as individuals and families, including seniors. Their affiliated specialists are recognized experts in the fields of financial planning, risk management, human resources, accounting and, employment law. They are involved in their respective areas and serve on boards of major industry associations such as the National Association of Health Underwriters and the Society of Human Resource Managers.
Patti Goldfarb, Certified Senior Advisor, first became involved with Long Term Care insurance in 1988 as the manager of the benefits division of a financial consulting firm. She became a Certified Senior Advisor, created training programs for the agents she worked with and wrote articles that were published in trade magazines. She also spoke for organizations such as the American Society for Aging, the National Association of Health Underwriters and Pace University about long term care issues.
For more information about Employee Benefits Advisors Group, check out: www.ebagroup.net.