Barnes Insurance Group
Security through understanding

Long Term Care

Protect your Legacy

Thinking you don't need Long-Term Care Insurance?  Consider these common misconceptions.  


I probably won't even need this insurance, it's a waste of money.  According to the Centers for Medicare and Medicaid Services (CMS), 70% of people age 65 or older will require some form of long-term care services.


I have enough savings, why should I pay for LTC Insurance?  According to the a 2015 cost of care index.  The annual median cost for a Semi-private room in a Nursing home is $80,300.  In Nebraska the Median annual rate is $71,785.  That pays for a semi-private with a roommate.  Keep in mind that Long-Term Care cost are rising each year.  Who knows how much your care will cost in the future.


What if I don't want to live in a nursing home?  More than 80% of long-term care services are provided in settings other than a hospital or nursing home.  Instead, they are provided in the home or in community-based settings.  Most policies sold today have provisions to allow for care in your own home.  It's important to review your police with your advisor to make sure your wishes are carried out.  

We thought the government would take care of us! After all we pay into Medicare and Medicaid?  Medicare benefits only pay for skilled care for 100 days.  It does not pay for long-term care.  Medicaid has strict requirements and limits on the type of facility and care.  Also, many LTC facilities have a limited number of beds available for Medicaid recipients, which can further limit your options.  You might only find an opening miles away from your home and family. 

What if my children or my spouse wish to care for me?  Studies show that the stress of caring for a parent can lead to personal and financial hardship. The number of adults taking care of aging parents has tripled in the past 15 years. Most likely this is a direct result of not being able to afford care or having a plan when the time comes.  According to AARP family caregivers lose up to an average of $304,000 in over their lifetime and substantially increase risk of living in poverty in old age as a result of caring for a family member in the home.  

Planning for your twilight years is a tough conversation to have, but it's one your cannot afford to put off.  Call today to start planning! 


A Few Facts to Consider: 

64% say most people need long-term care insurance, but only 13% own it.

(Source: 2015 Insurance Barometer Study, Life Happens and LIMRA)


53% are concerned about paying for long-term care services, but only 13% own long-term care insurance.

(Source: 2015 Insurance Barometer Study, Life Happens and LIMRA)

53% of Americans 40 or older have provided long-term care services on a regular basis to a family member or close friend.

(Source: The AP-NORC Center for Public Affairs Research, 2014)

About 70% of people age 65+ will need some type of long-term care services during their lifetime.

(Source: U.S. Department of Health and Human Services)

The “average” caregiver of long-term care is a woman, age 49, who works and also spends 20 hours/week providing unpaid care to her aging mother over 5 years.

(Source: National Alliance for Caregiving and AARP, Caregiving in the U.S., 2009)

$220 billion = $17 billion of unpaid care for those with Alzheimer’s or dementia provided by 15 million family members and friends.

(Source: 2014 Alzheimer’s Disease Facts and Figures)

25% of adult children, mainly Baby Boomers, provide personal care and/or financial assistance to a parent.

(Source: The MET LIFE Study of CARE GIVING Costs to Working Caregivers, 2011)

$91,250 = the median yearly cost for a private nursing home room.

(Source: Genworth 2015 Cost of Care Survey)

$274,044 = lost wages and Social Security benefits when women leave the labor force to care for ailing parents, a spouse or family members.  Of those needing long-term care, 37% are age 64 or younger!

(Source: American Association for Long-Term Care Insurance)