When Long Term Care Insurance or Disability Insurance is Needed

Ind_LTC_DisabilityLong Term Care Insurance

A major concern of many seniors and their families is how to cover the cost of long term care and whether long term care insurance is a smart investment.

When you consider the odds of needing care and the costs associated with this type of care, it’s easy to see why:

  • 70% of those who reach the age of 65 will need some form of long term care.
  • The average annual cost for a private room in a nursing home is $80,000.
  • The current inflation rate for long term care expenses is 5%. This means every 15 years  the costs double.
  • The average stay in a nursing home is 2.7 years. This does not include any time spent in assisted living or the use of in-home care.

Our specialists are well versed in all forms of this insurance including, traditional long term care insurance, partnership polices and hybrid life/long term care insurance policies.

Disability Insurance

Disability coverage is meant to provide for your financial needs in the event that a chronic medical condition or disability prevents you or your family member from returning to work. Because those personal needs can vary and often become costly, adequate coverage is important. It can offer the peace of mind that comes with knowing you are well covered.

Protecting your paycheck means more when you consider theses facts:

  • At age 32, the chance of being disabled for 90 days is 6.5 times greater than the chance of death. (Source: National Association of Insurance Commissioners)
  • More than 51 million Americans – 18 % of the population – are classified as disabled. (Source: U.S. Census Bureau, November 2008)
  • Nearly one-third of Americans entering the workforce today will become disabled before they retire. (Source: Social Security Administration, 2007)
  • 75% of disabilities are caused by an illness rather than an accident. (Source: Commissioner’s Disability Table)
  • 90% of disability accidents and illnesses are not work related, which means worker’s compensation doesn’t cover the claim. (Source: National Safety Council, 2008)

Concentric Insurance specialists are experienced in navigating the benefits these plans provide.

Contact us today for free information and help in deciding if either of these insurance coverages are right for you.