Consumers Remain in Denial about Planning for Long-Term Care

Consumers Remain in Denial about Planning for Long-Term Care According to New Study

Study Shows a Lack of Education on Future Long-Term Care Needs and Presents Opportunity for Their Trusted Advisors




KIRKLAND, Wash., Nov. 8, 2011 /PRNewswire/ -- The majority of adults believe that long-term care insurance should be purchased between the ages of 45-64, yet 82 percent of this age group have not purchased a policy, finds a new study from the 3in4 Association. The study, sponsored by Genworth Financial, also shows that since the 2008 financial crisis, only 20 percent of adults have taken any action on their financial strategy and almost half of respondents do not expect to add anything to their plan in the next two years.

"Many people are in a state of paralysis from the economic downturn and are unsure about what to do next. Our goal is to shift their focus from the present to the future and to what they may require as they age," says Margie Barrie, Vice President, 3in4 Association. "Long term care planning specialists can play a large role in helping clients plan for their potential long-term care needs in order to protect their assets in retirement."  Jason Shroot definitely agrees with the idea of having a long term solution for your long term needs.  Please contact Jason Shroot at 714-988-3325 or jason@diversifiedinsurancequotes or please visit http://www.jasonsellsinsurance.com/.

According to the study, younger respondents, the 25-44 age group, are most likely to want more information about long-term care compared to older respondents (65 years or older). This presents an opportunity for long-term care planning specialists, as less than half of those in this younger age group reported turning to a planning expert for information on long-term care.
"Younger generations are especially in need of education on the importance of long-term care as they create and review their financial plans," says Barrie. "We know that 3 in 4 people will need more coverage than for regular healthcare as they age, so a plan that addresses long-term care needs is essential.

About the Study: Sponsored by Genworth Financial for the 3in4 Association, the study was conducted August 17-21, 2011, and surveyed 1,073 adults ages 25 years and older, with incomes of $50,000 and above.

About the 3in4 Association: The 3 in 4 Need More campaign is dedicated to raising awareness of the importance of long-term care planning. The campaign utilizes multiple marketing strategies to increase awareness. The 3 in 4 Need More campaign is a public service of the 3in4 Association, which operates as a nonprofit 501(C)(6) corporation. Members of the campaign cross all industries, genders and ages. The campaign supports an online platform located at www.3in4needmore.com. This resource supports consumer plan development, and products and services that should be considered in long-term care planning. The platform also provides awareness support for long-term care planning specialists.

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com.   SOURCE 3in4 Association.

PLEASE CALL JASON SHROOT AT 714-988-3325 FOR MORE INFORMATION ON YOUR LONG-TERM CARE NEEDS.  Jason Can Also Be Reached at www.jasonsellsinsurance.com or jason@diversifiedinsurancequotes.com



What Is LTC?

What Is Long-Term Care?

Someone with a prolonged physical illness, a disability or a cognitive impairment (such as Alzheimer’s disease) often needs long-term care. Many different services help people with chronic conditions overcome limitations that keep them from being independent. Long-term care is different from traditional medical care. Long-term care helps one live as he or she is now; it may not help to improve or correct medical problems.

Long-term care services may include help with activities of daily living, home health care, respite care, hospice care, adult day care, care in a nursing home, or care in an assisted living facility. Long-term care may also include care management services, which will evaluate your needs and coordinate and monitor the delivery of long-term care services. Someone with a physical illness or disability often needs hands-on or stand-by assistance with activities of daily living.

People with cognitive impairments usually need supervision, protection or verbal reminders to do everyday activities. The way long-term care services are provided is changing. Skilled care and personal care are still the terms used most often to describe long-term care and the type or level of care you may need. People usually need skilled care for medical conditions that require care by medical personnel such as registered nurses or professional therapists.

This care is usually needed 24 hours a day, a physician must order it, and it must follow a plan. Individuals usually get skilled care in a nursing home but may also receive it in other places. For example, you might get skilled care in your home with help from visiting nurses or therapists. Skilled care includes physical therapy, caring for a wound, or supervising the administration of

intravenous medication.

Personal care (sometimes called custodial care) helps one with activities of daily living (ADLs.) These activities include bathing, eating, dressing, toileting, continence and transferring. Personal care is less involved than skilled care, and it may be given in many settings.

Questions & Quotes

Jason @ 714-988-3325

www.diversifiedinsurancequotes.com

jason@diversifiedinsurancequotes.com

Do You Need Long-Term-Care Insurance ?

Do you really need Car Insurance? Only one in 24 cars is ever in an accident.  

Do you need Homeowners Insurance? Only one in 200 homeowners ever files a claim.

So let's go back to the our first question....Do you REALLY need Long Term Care Insurance?

The Answer will Shock You.....1 out of 2.....YES.... 50% of the Entire US Population, will need some form of Long Term Care  Insurance in their lifetime !

That's right! Half of the population will require some form of long term care; half of us! The US Department of Health and Human Services (HHS) says that of the people 65 years old today, 40% will require a stay in a nursing home of five or more years. Right now, nine million Americans are receiving long term care of some kind. 8,550,000 of them are in their community, with someone, like a family member, looking after them. That's because the average cost of a nursing home, right now, today, in the USA, is $75000 per year. Even worse, projections say that in twenty years, in 2030, there will be 23 million Americans getting long term care, and the cost of a nursing home will have risen to $300,000 per year.

Do you need Long Term Care insurance? Maybe your kids will take care of you, but the average cost of in-home care to the family is about an extra $40,000 per year. Can your kids handle that? Do you want them to? Maybe you are thinking about an assisted living outfit. That will run you about $47,000 per year.

Do you think you want to wait and sign up when you are 65? My good friend Scott told me all he wanted was enough insurance to get himself buried, until he had a heart attack at 54. Now he can't afford long term care because the insurance company wants so much more money due to his heart attack. So here he is, a high risk, and spending his nest egg for care, when he could have been covered. Medicare won't cover him, so he has to spend all of his assets, until he is determined to be indigent. Then he can go on Medicaid. He has to be broke to get coverage!

At age 45 he could have bought Long Term Care insurance for less than $900 a year. Now, he didn't, and he is uninsurable.

HHS says don't buy LTC out of fear, or emotionally. Fear of the unknown is the basis for all insurance, so you might disagree with them. However, fear aside, you can look at the numbers and make a rational decision. You need Long Term Care insurance if you plan to live a long time. Half of the population will need it, and the other half will not live long enough, whether through accident or heart attack or something that takes them quickly. If you are in the live long enough group, you should buy an appropriate amount early. If you are in the die quickly group, you probably only need a lot more life insurance, and a good travel agent.

For Questions & Quotes:
714-988-3325


www.diversifiedinsurancequotes.com