1. Long Term Care Insurance-- Planning for Peace of Mind
“Long term care is an inter-generational problem. Addressing the long term care needs of one’s entire
family is an essential part of your overall financial planning.”
Greg Olsen, CLTC, Partner
Long-term care insurance has been one of the fastest growing segments in the insurance industry for the
past five years. In order to keep up with the demand for this coverage as well as the dynamics of the
industry, a company that specializes in long term care insurance is needed. Lenox Long Term Care, LLC
is this company. Lenox Long Term Care, LLC represents many of today's major carriers. This allows us
to find the coverage and the carrier that makes sense for each client's particular situation.
What is long-term care?
Long-term care is broadly defined as services provided to people who are no longer able to take care of
themselves due to chronic illness, injury, or the effects of aging. Care is typically provided in your home,
a facility, or other community-based setting. The average lifetime chance of needing long term care for
an individual 65 years or older is more than 40%. And approximately 72% of people turning 65 will use
home care services.*
Why is long-term care a growing concern?
There are several reasons for the increasing need for this type of care. First, people are living longer.
That’s the good news. The bad news is that the longer you live the more likely you will need care.
Second, family dynamics have changed. Family members may no longer be able to be the primary
caregivers. Often, families are geographically dispersed and children are living in other parts of the
country. In addition, women who may have in the past been the primary caregivers are now in the
workforce and unable to assume this role.
Third, you can no longer rely on the government to provide this care. Government systems are already
overburdened and this will only get worse once the baby boomers begin to retire. The federal government
has recognized this, which is why they are already offering long-term care insurance to federal
employees.
Finally, the cost of care is continually rising. For example, on a national average, a one-year stay in a
nursing home costs about $71,000† and the average length of stay in a nursing home is 2.4 years. †† If not
planned for, long-term care services can be financially draining.
What Are the Benefits of Long Term Care Insurance?
Today’s top policies offer an array of features, optional benefits, and payment variations to meet your
individual needs. Long-term care insurance gives you choices when you need care. More important,
coverage ensures the best type of care from the professionals you choose in the setting that is best for you.
Long-term care insurance gives you peace of mind when you need care. A policy can help you preserve
your independence, maintain your standard of living, protect your assets, and preserve your freedom of
choice should the need arise.
Lenox Advisors. Integrating financial security into financial success.
Learn more at www.lenoxadvisors.com
Insurance offered through Massachusetts Mutual Life Insurance Company and other fine companies.
* Georgetown University Long-Term Care Financing Project, “Who Needs Long Term Care?” 2002 † John Hancock 2005 Cost of Care Survey, conducted by Harris, Rothenberg International,
LLC, 2005 †† U.S. Departmnent of Health and Human Services, “The National Nursing Home Survey: 1999 Summary, National Center for Health Statistics,” 2002
Lenox Advisors, Inc. is a wholly owned subsidiary of National Financial Partners Corp. (NFP). #44288-001 © 2010 Lenox Advisors, Inc. All rights reserved.