Buying Long Term Care Insurance

Pierce County

Community Connections

AGING POPULATION:

Rapid rise in senior population
25% of area residents over 65 by year 2025
State budget facing numerous demands
Costs of skilled nursing home care rising rapidly

COSTS OF LONG TERM CARE:

Assisted Living - $1,400-$4,500 / month
Adult Family Homes - $2,500 - $5,500 / month
Dementia / Alzheimer's - $3,000 - $5,500 / month
Skilled Nursing Homes - $6,000 - $8,000 / month
In-Home Care - $15 - $75 / hour
Adult Care - $50 - $75 / daily
Respite Care - $80 - $175 / day

WHAT DOES LONG TERM CARE INSURANCE COVER?

Long Term Care (LTC) Insurance offers flexibility, tailored coverage and control
Protection of assets
Avoids or postpones spend down of savings
Control over health care
Covers nursing home, assisted living, custodial services, in-home care

ACTIVITIES OF DAILY LIVING:

Long-term care insurance based on activities of daily living (ADL).
Normal functions of daily living ? dressing oneself, preparing meals, using the toilet, etc.
Loss of ADL skills may be normal with aging
Good long-term care policy meets changing needs

HOW MUCH SHOULD YOU PAY FOR LNOG TERM CARE INSURANCE?

Cost of long-term care insurance varies widely
Age when buying
Current health condition (physical may be required)
Healthy habits (e.g., exercise, non-smoker)
Features (e.g., inflation protection, triggers)

BE CAUTIOUS:

Long-term care insurance is not the right for everyone.
Very expensive for older buyers. Be sure you can afford it.
Look at other options (e.g., personal savings, income sources)
Track record and stability of the company selling policy
Allow for changes in coverage later on
Overly zealous sales representatives.

If you feel you are being pressured unfairly or not being treated properly, file a complaint with the Insurance Commissioner by calling the toll-free complaint line, 1-800-562-6900

RESOURCES FOR YOU:

Statewide Health Insurance Benefits Advisors (SHIBA) Helpline

Highly trained volunteers
Impartial information and advice
Information on various LTC Insurance policies
Information on Medicaid, elder law trusts, reverse mortgages and more
One-on-one appointments via phone or in-person
Group presentations on request
Call to leave message / questions at (253) 596-0918 or (800) 562-6900

Washington State Office of the Insurance Commissioner (OIC)

''A Consumer's Guide to Financing Long-Term Care Insurance and Other Options''
Produced by the Washington State Office of the Insurance Commissioner.
Available from SHIBA at (253) 596-0918 or 1-800-397-4422.
Buying Long Term Care
Considerations about paying for your Long Term Care
http://www.insurance.wa.gov/consumers/Longterm_care/index.shtml.

Federal Citizen Information Center

Consumer information from the General Services Administration (GS)
Most publications free on request or nominal charge
''Guide to Long Term Care (LTC) Insurance''
Produced by AHIP - America's Health Insurance Plans

Aging & Disability Resource Center (ADRC)

Long term support options counseling
Benefits counseling
Employment options counseling
Referral to other programs and services
Planning for the future
Urgent needs
Call (253) 798-4600 or (800) 562-0332
Monday through Friday, 8 a.m. to 5 p.m.