Long Term Care Insurance
There is a strong possibility that you or someone you care for will need nursing home care or in home services. Nine million Americans over age 65 needed long-term care in 2012. Twelve million Americans are expected to need long term care in 2020. The average age upon admittance to a nursing home is 79. No one wants to think about needing long term care but for many it is inevitable and no one wants to sacrifice their life's savings to pay for it.
Long term care is not provided to cure a condition but rather to help you manage an illness or condition over a period of time. It helps ensure you have coverage to enable you to get help with services like bathing, feeding, dressing or shopping, whether it's in your own home or a nursing home. Long-term care services are also needed if deterioration in your mental capacity requires you to have ongoing supervision.
The Connecticut Partnership for Long-Term Care is a program of the State of Connecticut that works with the private insurance industry to ensure CT residents have a reliable long term care insurance option that can help pay for nursing home or in-home services without depleting all your assets. Insurance purchased under the Connecticut Partnership not only offers benefits to pay for long-term care costs, but also offers Medicaid Asset Protection should you ever need to apply to Connecticut's Medicaid Program.
The cost of long-term care in Connecticut is very expensive. The statewide average cost for a semi private room in a Connecticut nursing facility is $381/day and over $138,000 per year. Medicare does not pay for the majority of long-term care. At no extra cost to the consumer, Partnership policyholders can protect $1 of their assets for every $1 their Partnership policy pays in benefits. If you want more information about the Partnership call 1-860-418-6318, visit the website, or attend a Partnership forum in your community.