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LTC / Disability

LTC and Disability

The Dept. of Health and Human Services (HHS) estimates that eventually two out of three of us will need some type of long-term care. You are likely to know someone who will experience this need or face it yourself. Long-term care encompasses many types of needs, such as chronic conditions, assistance with daily living, and nursing home care. Although people generally think of long-term care as only afflicting the elderly, 4 out of 10 people currently receiving long-term care are between ages of 20 and 60.

Likewise, every year 11% of the U.S. population within the same age range experiences a disabling condition that prevents them from working. Not only does disability and long-term care take an emotional toll on you and your family, the financial burdens can be overwhelming. You may find that that you have to liquidate your assets and savings to cover the expenses, and you may have to rely on your family for support. Long-term care can be incredibly expensive—the national average for a daily rate in a private room of a nursing home in 2013 was $230. With an average length of stay of 2 ½ years, this figure can exceed $190,000. The impact of a disability, through loss of income from work and medical costs can likewise be overwhelming—48% of home foreclosures and 17% of bankruptcies are due in part to a medical issue.

Possible solutions to these problems are Long-Term Care Insurance (LTC) and Disability Insurance. Both protect you, your household, and your assets, in the event of a debilitating medical condition. Long-Term Care helps cover the costs of necessary things like nursing home care, assisted living, convalescent care—many things that Medicare and most health insurance plans do not cover. Disability Insurance provides a source of income during periods in which you are unable to work due to a medical condition, typically under much more flexible terms than Social Security Disability Insurance (SSDI).

At ViaQuest we are here to guide you through your long-term care and disability insurance issues. Give us a call at 281.335.7609 with your questions and to find out how these types of insurance can protect you and the assets it took you a lifetime to accumulate.

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