Long-Term Care Insurance

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I don’t wait until spring to plan my garden, why would I wait until I’m ill to plan my long-term care?

A well-planned long-term care insurance policy will allow you to live life today without worrying about tomorrow. What about your parents and loved ones? Planning for their future as well will protect your assets against catastrophe and the rising cost of long-term healthcare. There are a number of options and plans available and our advisors will work with you to build a policy that is right for you and your family.

For more information about adding long-term care insurance to your overall investment plan, contact your RCB Wealth advisor or, if you are not yet a client, click here to find an advisor nearest you.

Consider the facts:

• Approximately 70% of all people over age 65 will require some form of long-term care during their lifetime.*

• The average annual cost of nursing home care in Oklahoma for one person in 2010 is more than $61,000; Average daily rate for a private room in a nursing home is $171.*

• Medicare pays for less than 2% of all long-term care cases – including nursing home care, assisted living and custodial care – for a maximum of only 100 days. Medicaid pays for long-term care only after an individual has spent almost his or her entire estate, qualifies as impoverished and is admitted into a nursing home that accepts Medicaid.
  * Prudential Research Report Long-Term Care Cost Study, 2010.

Long-term care insurance isn’t just for older people:

• One-third of all 700,000 stroke victims are under 65.

• One-eighth of all Alzheimer’s patients are diagnosed before the age of 65.

• 30% of all those who are receiving home healthcare and almost 10% of those receiving nursing home care are pre-retirement age adults, ranging in age from 18 to 64.

• 58% of Americans believe they would never need long-term care – no nursing homes, no assisted living facilities, no adult day care or home care. Yet, almost half of us will spend some time in a nursing home when we are older, while 72% of us will use home healthcare services.