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Planning For A Peace Of Mind - Common Questions

Long-Term Care

Long-term care insurance has been one of the fastest-growing segments in the insurance industry for the past five years. In order to keep up with the demand for this coverage as well as the dynamics of the industry, a company that specializes in long term care insurance is needed. Lenox is this company. Lenox represents many of today’s major carriers. This allows us to find the coverage and the carrier that makes sense for each client’s particular situation.

What is Long-Term Care?

Long-term care is broadly defined as services provided to people who are no longer able to take care of themselves due to chronic illness, injury, or the effects of aging. Care is typically provided in your home, a facility, or other community-based settings. At least 70% of people over age 65 will require some long-term care services at some point in their lives.* Of those who have long term care needs, about one-third of Americans who require some assistance are under 65.**

Why is Long-Term Care a Growing Concern?

There are several reasons for the increasing need for this type of care. First, people are living longer. That’s the good news. The bad news is that the longer you live, the more likely you will need care.

Second, family dynamics have changed. Family members may no longer be able to be the primary caregivers. Often, families are geographically dispersed, and children are living in other parts of the country. In addition, women who may have in the past been the primary caregivers are now in the workforce and unable to assume this role.

Third, when planning for long-term care needs, there is uncertainty as to whether the government will provide this care. Government systems are already overburdened, and this will only get worse once the baby boomers begin to retire. The federal government has recognized this, which is why they are already offering long-term care insurance to federal employees.

Finally, the cost of care is continually rising. For example, on a national average, a one-year stay in a nursing home in a private room costs about $102,200, and the average nursing home stay is 835 days or more than two years.†† If not planned for, long-term care services can be financially draining.

What Are The Benefits Of Long-Term Care Insurance?

Today’s top policies offer an array of features, optional benefits, and payment variations to meet your individual needs. Long-term care insurance gives you choices when you need care. More important, coverage ensures access to a larger selection of providers — you choose the setting that is best for you. Long-term care insurance can help give you peace of mind when you need care. A policy can help you preserve your independence and preserve your freedom of choice, should the need arise. 

The following information is only applicable to residents of Connecticut, New Jersey or New York. The information provided is not intended for residents outside of these states. Insurance offered through Massachusetts Mutual Life Insurance Company and other fine companies. *U.S. Department of Health & Human Services. National Clearinghouse for Long-Term Care Information., accessed Nov. 2019. **Aging in Place, “The Complete Guide To Long Term Care Insurance For Retirement Planning” accessed Nov. 2019.†Based on Genworth’s Cost of Care Survey, conducted by Genworth, 2019. ††National Care Planning Council, “Guide to Long Term Care Planning: About Nursing Homes” accessed Nov. 2019. CRN202411-1203892