Many people believe long term care is only for the elderly, but 57% of people who file a long term care claim are under age 65, according to internal data cited in a new 2008 Buyers Study. The average age of those claimants is 54, according to the study. These are just a few of the conditions that can occur at any age and prompt the need for long term care insurance: On average, a year in a nursing home costs more than $70,000 for arthritis, heart disease, stroke, brain trauma, and cancer.
Medicare does not cover long term care; Medicaid is available only after all your other financial resources have been depleted. A growing number of employers offer a long term care benefit employees can purchase based on their own needs. This group policy is very cost effective and another great benefit to offer employees.
Following are some of the providers we recommend:
o Genworth
o Metlife
o Mutual of Omaha
o UNUM
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