Who's at risk?
Long term care (LTC) insurance is not just for the elderly.
- More than half of long term care claims
submitted to Unum are for people under age
65. The average age for those claimants is 54.1
- 20 million Americans are expected to need long
term care services by 2030.2
- The demand for long term care services is
projected to double by 2040.3
What is the cost of care?
The cost can vary greatly by geographical area,
but here's a nationwide snapshot:
The national average hourly rate
for a home health aide is $25.
Based on this rate, four hours of
home health aide services daily
would total about $36,500 a year. 4
- The national average cost for a private room
in a nursing home is about $70,000 a year5
and the average stay is 24 to 26 months.6
- The national average base rate for a private
room in assisted living care is about $33,300
per year.7
Savings concerns
One recent study showed that adults are concerned about the health costs associated with aging: 8
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41% of adults polled indicated they do not think they will have enough money to cover their expenses as they age. |
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56% of those between ages 45-54 do not think they will have enough money to finance their own potential long term care needs as they age. |
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39% of adults older than age 55 stated they were also concerned about financing potential long term care needs. |
Won't my other insurance pay for long term care?
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Unfortunately, no.
- Medical insurance and Medicare are designed to pay for specific care for
acute conditions - not for long-term help with daily living.
- Medicaid only helps with long term care expenses after you have depleted
virtually all of your assets, including your home. The exact amount varies by
state but usually leaves just a few thousand dollars in total assets.9
Only long term care insurance can cover those costs and allow you to maintain
as much of your assets as possible.
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Do I need to be in a nursing home
to use my LTC insurance?
All Unum plans include a home health option.
This allows you to use your benefit to pay for an
aide to come to your home, so you can remain in
your residence as long as possible.
For an extra premium, some plans allow you
to pay a family member or friend to take care
of you.
You can also use your LTC benefit for other
assistance you need, such as paying someone to:
- Mow your lawn
- Help you shop for groceries
- Take you to doctor's visits
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Why buy coverage at work?
- You get more affordable rates when you
buy this coverage through your employer. You
can extend your coverage to your parents.
- Depending on your plan, you may be able
to pay your premiums through convenient
payroll deduction.
- Your employer has selected coverage
from Unum, the leading provider of group LTC
insurance for employees in the U.S.11
Additional help for caregivers
Even if you don't need long term care
in the immediate future, you may be a
caregiver for someone you love. Your plan
includes LTC Connect® service, which gives you
access to counselors who can help you find
long term care providers in your area, a support
group, or other assistance you may need. It also
provides discounts for medical equipment such
as walkers, hearing aids, wheelchairs, etc.
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Why buy now?
People often buy long term care
insurance at an early age, because the
younger you are, the more affordable
the rates.
In 2007, 63% of the people who
bought group LTC insurance
were under age 55.10
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