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Carlton Group Insurance Services, Inc., Clarksville, TN

TN Insurance-Long Term Care Insurance

In TN The Chance of Needing Long Term Care Is More Than Two In Five.  Long Term Care Expenses-Out of Pocket, Welfare, or Long Term Care Insurance.

 

What are the odds ?

During your lifetime, the chances of using your homeowner's insurance

are one in 88.

The chances of using your auto insurance are one in 47.

Your chance of needing

long term care are

more than TWO in FIVE.

 

An estimated 12.1 million

Americans need assistance

from others to carry out everday activities.

 

Age 65

& older

6.4 million

  53%

Age 18

to 64

5.3 million

44%

Under

18

400,000

3%

Source: The Henry J. Kaiser Foundation, Long-Term Care: Medicaid's Role and Challenges (publication #2172), Washington, D.C.

Let's look at estimated costs over an extended period of time (based on the MetLife survey) . . .

 

2 Years

Home Health Care

$ 49,000

1 Year

Assisted Living

$ 36,000

2 Years

Nursing Home

$ 107,000

Total for All

Services

$ 192,000

 

You want long term care insurance that's more than just nursing home insurance.

 

 

Helping you prepare for the unthinkable - Long-Term Care.

To better understand long term care, think about the activities you performed when you woke up this morning . . .

You probably . . .

  • Climbed out of bed.
  • Walked to the bathroom.
  • Used the toilet.
  • Used the bath or shower.
  • Got dressed.
But what if you couldn't perform these basic activities of daily living (ADL) without assistance ?

We all insure our homes against fire and our cars, trucks, boats and campers against an accident . . . and for some reason we never complain about that money being wasted.  Why do we sometimes hesitate insuring against the most expensive reality of life . . . long term care ?

Is Long Term Care Insurance Right for You ?

You should NOT buy long term care insurance if you have limited assets and can't afford to pay the premiums for the rest of your life.

You should NOT buy long term care insurance if you live on a limited fixed income, such as Social Security or Supplemental Security Income (SSI).

You should CONSIDER buying long term care insurance, if . . .

  • You have significant assets and income and want to protect those assets.
  • You do not want to be dependent on the government or someone else.
  • You want to pay for your own care.

 

Average Annual Long Term Care Costs in the Nashville, TN area *

Home Health Care**

(Hourly Average)

$ 19.00
$ 24,700.00

Assisted Living

(Monthly Average)

$ 2,983.00
$ 35,796.00

Nursing Home

(Daily Average)

$ 147.00
$ 53,655.00

* "The MetLife Market Survey of Nursing Home and Home Care Costs", The MetLife Mature Market Institute, September 2005.

* *Home Health Care  costs are based on 5 hours per visit and 5 visits per week.

 

Dental Care Savings Up to 80%

 

We're not going to tell you that you may need long term care insurance.

Hopefully, you've done some research and reached that conclusion by yourself.

 

The ideal time to buy long term care insurance is NOT when you're in your 60's, but actually when you're in your late 40's or early 50's, why ?

Premium costs are lower and

you are less likely to have a pre-existing condition that would disqualify you.

 

Some people say that they will just self-fund their long term care, but what is the reality of that logic ?

 

Assumptions:

(1) Age 61

(2) Total cost of care in today's dollars: $ 192,000

(3) Years until care is needed - 7

(4) Monthly Savings - $250

(5) Rate of Return on Savings - 3%

 

Investment in 7 Years
$ 23,337
Cost of Care in 7 Years with inflation*
$ 270,164
GAP between Savings and Cost of Care
$ 246,827

* Based on a 5% yearly compounded inflation rate.

Why not pass the costs of long term care to

someone else ?

 

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Carlton Group Insurance Services, Inc (the Company) is authorized to solicit and transact business on behalf of MetLife® Bank in the state of Tennessee.   The Company is currently licensed by the Tennessee Department of Commerce and Insurance to solicit and take applications for life insurance; health insurance; annuities; and auto and home insurance in the entire state of Tennessee. 

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