(NAPSA)—Preretirees and retirees arestill feeling the economic pinch. With individuals’assetsstill trying to recover from market downturns, planning for the costs associated with long-term careis increasingly important. According to the 2009 MetLife Long-Term Care IQ Survey, fewer than half (45 percent) of those surveyed were aware that one in five American households care for an adult family member or loved one. A majority of respondents were also unaware that most long-term care services are received at home, and a small minority (9 percent) of respondents are taking action to protect themselves from potentially significant long-term care expenses with long-term care insurance. The need for long-term care can happen at any time, not just whenanindividual ages. The misconceptions surrounding long-term care can havecostly implications in the future. According to the 2009 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home CareCosts, the national average annual rate for home health aides increased5 percent, to $27,300 per year in 2009, and the costs for a semiprivate room in a nursing homeincreased to $72,270 peryearin 2009. These statistics are startling when you consider the chances that as longevity increases, so mighttherisk that individuals will suffer a major health event requiring long-term care. According to the December 2009 data from the US.Bureau of Economic Analysis, national savingsrates are low. The average Americanis not likely to have money readily available to cover the tens of thousandsof dollars it can cost each year for longterm care, accordingto the MetLife study. As a result, the average American couldfind the retirement savings they worked so hard for quickly eroded. Long-term care insurance (LTCDis one way that individuals can help protect themselves and their loved ones against the financial impact of long-term care. What You Should Know About Long-Term Care Insurance(LTC): LTCI is not the same os medical coverage. The needfor long-term care con happen tt ony time, notjust when onindividual ages. It is importantto purchase LCIfrom a companythat is stable and financially sound, Generally, the younger someone is when he or she purchases LCI, the lowerhis or her premium conbe. LTCI should be considered not only for your own future core needs but also those of your spouseor significant other as well as yourparents. @ Unfortunately, many consumers do not fully understand the need to prepare for such an expense and are unable to identify the types of insurance programsthat will pay for long-term care. About LTCI LTCIis designedto help pay for long-term care services if an individual needs them. Depending on the type of policy and coverage selected, this insurance can provide coverage for care in various settings, including an individual's home, adult day care center, assisted livingfacility and nursing home. Long-term care can also have emotional costs that are moredifficult to calculate, especially whenit comes to the impact on family members. The responsibility of caring for an aging spouse or parent can create stress for the entire family. In the case of multiple children caring for a parent, it is not uncommonforone child to take the lead role in providing care. This tendsto impact the family dynamic andhasthepotential to create tension in relationships amongsiblings, between parents and children and, in some cases, the grandchildren. Onesolution to this is getting private care. While such care canalleviate the stress on a family, it comes at a cost, which can be covered by long-term care insurance. When ToStart Thereis no timelike the present for establishing a plan to help protect yourself and your family against thecost of long-term care services. Consider the following about long-term care insurance: * Age is a factor in determining LTCI premiums—the younger someone is when he or she purchases LTCI, the lower his or her premium canbe. LITCI can give peace of mind, ensuring you won't becomea financial or emotional burden on your lovedones. * You spend yourlife saving for retirement, and LTCIis a key way to help protect those savings if you need long-term care at somepoint in yourlife. Everyonestrivesto lead a long and healthylife, but living longer can increase your chancesof needing long-term care services—make sure you are able to enjoy your long life with the proper protection. It is importantfor individuals to not only consider their own future care needs but that of their spouse or significant other. While a healthy spouse may be able to provide somelevel of care without any outside support, providing care over an extended period can take a toll. At somepoint, the spouse may not be able to provide the necessary care or may also need longterm care. In addition,individuals should consider the future care needs of their parents. LTCIcan help alleviate the financial and physical burden of caring for aging parents while at the sametimeraising childrenyourself. It is important to purchase LTCI from a company that is stable and financially sound and that also has a history of providing this typeof insurance. Individuals may not need to use the benefits from their LTCI policy for 10 to 20 years or moreafter purchasingit, soit is essential that they have confidence that the company they purchase from will bethere for them in the future. To learn more about long-term care insurance, speak with an insuranceagent orfinancialadviser.
