November is Long-Term Care Awareness Month and the Congressional Resolution says it best. Congress urges the people of the United States to learn more about the potential risks and costs associated with long-term care and the options available.
Too many Washington State adults fail to plan, explains Robert Cleaveland of Cornerstone Financial Strategies located in University Place, WA. The long-term care professional will be undertaking educational initiatives to help area residents understand planning options.
Over 10 million Americans, or almost five percent of the total adult population, need long-term services and supports to assist them in life’s daily activities. The annual cost is nearly $200 billion. Long-term care services are generally not paid by health insurance policies and Medicare typically provides only limited coverage. As a result, individuals and their families pay an increasing amount of the cost.
Care in one’s home or that of a family member is increasingly popular. A report by the American Association for Long-Term Care Insurance (AALTCI), the industry trade group, reveals that 86 percent of people with long-term needs live at home. Only 14 percent live in nursing facilities.
Last year, some $8.5 billion of costs were paid by long-term care insurance and some 8.25 million individuals currently own protection according to AALTCI. The trade group’s study reveals that less than one-in-ten adults are aware of what long-term care insurance protection costs, their planning options or ways to reduce the cost.
There are numerous ways people can save when pricing long-term are insurance, Cleaveland agrees. By taking advantage of discounts one can reduce the cost by 50 percent or more every year.
The University Place financial planning professional is offering a free, 8-page guide Reducing the Cost of Long-Term Care Insurance as part of Awareness Month educational efforts. For more education about long-term care planning visit www.LTCAware.com.
To request a brochure copy, call Robert Cleaveland at Cornerstone Financial Strategies, (253) 756-2003. Or request a copy via E-mail: firstname.lastname@example.org.