California Long Term Care Insurance

Long-term care refers to the services we need when we are unable to take care of ourselves due to illness, injury, cognitive impairment such as Alzheimer's disease, or the effects of aging. While most people don't need long-term care until their elder years, 42 percent of those receiving care are under 65-years-old.

Long-term care services are designed to help individuals remain independent for as long as possible. The vast majority of long-term care services are delivered at the patient's home, but they can also be delivered in adult day care facilities, assisted-living centers, or nursing homes. These services are expensive, and will not be covered by your medical insurance or by Medicare. Some services are paid by Medicaid, but only for individuals who have spent all but a few thousand dollars of their assets for medical expenses.

Long-term care insurance provides the funds to pay for professional care giving services, allowing you to remain in your home and in charge of your decisions for as long as possible. Planning ahead for long-term care is an essential part of a secure financial plan, and will protect your retirement income and assets so you can use them to live a quality lifestyle.

Take a moment to consider the following statistics:

• 60% of all people over the age of 65 will require long-term care during their lifetime.
• The average cost of long-term care services was about $219 per day in 2009. The average length of care is 2 1/2 years, which translates to a total cost of $200,000 per person.
• The cost of services are going up at about 4% each year, which means that if you are 55 today, the cost of care will triple by the time you are in your early 80s and likely to need care.

Tegner-Miller has access to all of the top long-term care insurance companies and can help you determine whether it makes sense for you to consider this type of coverage. The best time to purchase long-term care insurance is in your mid-forties to mid-sixties. If you own a business with at least three employees, you can benefit from simplified underwriting and premium discounts, plus tax-deductible premiums in most cases.

Tegner-Miller Insurance Brokers: Protecting Santa Monica, Beverly Hills, Pacific Palisades, West Los Angeles, Westwood, Mar Vista, and all of California since 1902.