Long Term Care

How to insure against the potential high cost of either home care or institutional care in the later years of life.

At some point in retirement we have to deal with the issue of what to do when our health fails. Will the government take care of me (and to what extent)?

Will I remain at home (most people's first choice)? Will I go to a long term care facility?

• By age 55 10% or people need some form of Long Term Care that has an out of pocket expense associated to it.
• By age 65 it's 30% and by age 75, 50%.

For some people, underwriting these costs with long term care insurance makes sense.

There are currently two companies that sell Long Term Care insurance: Manulife and RBC Insurance. Others will enter the market place in 2003. Here are some things to think about: If you are in a long term care facility for 1 year, your average duration there will be about 6.5 years. If the cost per day is $100, in 5 years you will spend $182500, If $200 per day is your cost, then $365,000 is your 5 year cost. Staying at home may mean similar expenses. The very poor will be cared for through tax-payer dollars. The very rich may be self-insured. Any of us in the middle are well advised to look into Long Term Care insurance.

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Please provide me with a quote for long term care insurance chisholm@queensbury.com