Group Long Term Care Insurance

 As the population ages, employees will be confronted with the needs of their elderly relative and their responsibilities to employers. Elder care is an issue that is growing and it will hit a pick in the year 2011. This when the first Baby Boomers turns 65. Most individuals and organizations can't wait to address elder care concerns.

We all value our independence. Have you ever thought what you would do if you couldn't bathe or dress yourself? If you needed help getting from place to place, who would be there to help you and how would you pay for it? Trauma victims, patients recovering from serious illness and surgery, people with terminal illness as well as the elderly may need help with day to day activities and may require long term care. But, long-term care can be expensive. The cost of long-term care could be an issue that all too many of us will have to face.

The Spiro Group offers a long-term care insurance program that is flexible, allowing you to purchase a plan that works for you. We are also pleased to offer this coverage to other family members. Each employee's eligible family members may purchase their own long-term care coverage.

What Is Long Term Care?

Long Term Care is defined as the type of care received either at home or in a facility when someone needs assistance with activities of daily living, or suffers severe cognitive impairment, due to an accident, an illness or advancing age. You can see by the definition that the need for long-term care is not limited to the elderly. Anyone who cannot function independently may need the protection of long-term care insurance. Accidents and unexpected illnesses can happen at any time, any age. The risk may be greater than you expect.

• Today, nearly 13 million Americans need assistance with everyday activities.
• 40% of those needing long-term care are between the ages of 18 and 64.
• About 60% of the U. S. population will need long term care at some point. 

If you needed long term care, who would provide that care? Where would you receive it? How would you pay for it? These are important questions to consider.

How Much Does Long Term Care Cost?

The national average cost for long-term care facility is $40,000 per year. Home‑based care costs vary depending on the type and frequency of care required. For most of us, this expense could have a significant impact on our financial security.

Who Pays For Care?

Many people believe that health insurance or a government program will pay for long-term care. Health insurance won't cover these costs, and government programs like Medicare and Medicaid fall short as well. Without insurance protection, your assets could disappear quickly, along with your ability to make choices and maintain control over your life. In fact, 72% of those entering nursing homes are impoverished within one year

Who Are The Care Givers?

You may be familiar with the term "sandwich generation". It describes a situation that has become quite common: adults caring for their parents at the same time they are raising their children. Traditionally the role of caregiver has fallen to wives and daughters. Whether you are the person receiving care or providing it, a long-term care situation can take its toll emotionally, physically, and financially.

How Would You Cope?

Balancing work and raising a family with care giving responsibilities is a challenge. The tradeoffs required might mean cutting back hours at work or hours with the family, both of which can be stressful.

Long Term Care insurance can't prevent you from ever-needing long term care, but it can help you protect yourself and your family from the financial impact. As you can see from the information we have presented, it is an issue that bears consideration. Please take the time to learn more about this coverage and the valuable protection it provides.

Contact The Spiro Group to answer your questions.