Oregon Long Term Care Insurance
When home is where you want to be
Local Oregon agents provide instant quotes. Long Term Care Insurance is used to cover the costs of long term care services, most of which are not covered by traditional health insurance or Medicare. Long Term Care Insurance is the insurance that provides funds when you need them to keep you where you want to be – in your own home or residence of your choice. We are local Oregon agents, ready to serve you.
Pibal Broker Tip: Without a long term care plan in place, many people will simply end up in a total “spend down of assets” to pay for a nursing home. It's too expensive to NOT have a Long Term Care plan in place!
We represent all major Long Term Care Insurance companies. Prevent your own "Silver Tsunami." If you have just begun your online search for a quote, you may notice most sites are simply lead generation companies who sell your private data for data mining / lead generation companies. Not us. We are right here in Oregon as a local agent in the community.
Do you want "Asset-Based" Long-term Care or Traditional Long Term Insurance?
Asset-based long term care coverage (aka "Hybrid Life" / Long Term Care) is a life insurance policy with long-term care provisions included. They have gained tremendous popularity as a result of skyrocketing Long Term Care costs, as well as uncertainty and the potential of never using "Traditional" Long Term Care insurance. These plans are extremely useful in planning for the inevitable high costs of long term care. Not to mention, they eliminate the possibility paying premium for a policy that you may never need.
There is a great deal of choice and flexibility in long term care insurance policies, including long term disability, long term care life insurance, long term disability income insurance, and hybrid long term care insurance. We can help you can select a range of care options and benefits that allow you to get the services you need in the settings that suit you best. The cost of your long term care insurance policy is based on the type and amount of services you choose to have covered, how old you are when you buy the policy, and any optional benefits you choose. Call today for your exact cost analysis.
With long term care insurance, you pay premiums in amounts you know in advance and can budget for, and the policy pays – up to its coverage limits – for the long term care you need when you need it. Typically, premiums are waived during the time you are receiving benefits. Over 80 million Americans are now entering their retirement age. They all need to review their plans for long term care. The average cost of Long Term Care needs for an Oregonian is over $250,000. The monthly cost of care alone is a staggering $8,000. These expenses can and will decimate your life savings and assets.
The need for Long Term Care Insurance has never been greater. As a matter-of-fact, the federal government is encouraging Americans to prepare for their Long Term Care needs now.
- Long Term Care Life Insurance: covers the costs of long-term care services, like care facilities, in-home services (such as assistance with Activities of Daily Living as well as care in a variety of facility and community settings).
- Hybrid long term care insurance/ Life Insurance: “A Hybrid Life/Long Term Care Insurance policy is a life insurance policy which you can draw from the death benefit to cover long term care needs.”
Why buy Long Term Care insurance (LTC)?
- New England Journal of Medicine recently reported that about 49% of people 65 and older will eventually need Long Term Care.
- The Wall Street Journal states that nearly 50% of seniors 85 and older have Alzheimer’s or some other form of dementia, the number one reason for needing Long Term Care.
- WSJ also reports that even children are buying long term care insurance for their parents.
- Harvard Magazine says that as men are living an average of 80.9 years and women are living an average of 84.5 years, modern medicine is creating a much higher chance that a person will need Long Term Care.
The average United States citizen is living longer because of advancement in medicine. This means a higher likelihood of needing Long Term Care at some point before a person dies. In addition to Alzheimer's and dementia, obesity, diabetes, stroke, heart problems, cancer, and Parkinson's disease also further the need for Long Term Care services.
Fact: 75% of people 65 and older will eventually need Long Term Care.
Fact: About 80 million Americans will turn 50 over the next eighteen years. That is one person every eight seconds.
By 2020, due to the rapid retirement of baby-boomers, approximately one in three workers also known as the "Silver Tsunami" will be faced with providing some form of Long Term Care for their boomer parents.
- In Oregon, the average cost of care for just one month in a nursing home is approximately $6,494.
- About 75 percent of all single people and 50 percent of all couples spend their entire savings within one year of entering a nursing home.
- 92% of all Long Term Care Insurance claims are for about three years. 4.5% will need Long Term Care for more than six years.
- For every one person receiving Long Term Care in a nursing home, there are four people receiving home health care. (75% of Long Term Care insurance pays for home , while 25% pays for a private care facility Vs. 75% of Medicaid pays for nursing homes, while only 25% pays for home care.)
Long Term Care Insurance allows you to stay in your home receiving the care you need, instead of losing all your assets to stay in a nursing home.
For a confidential Insurance Quote, please fill in the online form below. This is a free service to provide Oregon Insurance Quotes with no obligation.