Immigrants and Expats and Immigrants should consider a Long Term Care Insurance Policy

When it comes to providing for your future long-term care needs, every American should be considering purchasing a Long Term Care Insurance policy.  This also applies to immigrants and expat groups, as was noted in a recent article the Rafu Shimpo, the daily newspaper for the Japanese community in Los Angeles.

Immigrants Long Term Care problem

These groups might not have worked in the U.S. as long as original citizens and thus won’t have accumulated the retirement, pension and/or social security income.  So, they are especially vulnerable in later life and retirement should they find themselves in the position of needing long-term care services, which will be approximately 70% of the population, according to the Department of Health and Human Services.

What is Long Term Care Insurance, what does it cover and why should I care?

Put simply, long-term care services assist you with the basic activities of daily living should become unable to do so.  These include eating, bathing and getting around and could be administered in a number of ways including nursing homes, in-home care or assisted-living facilities, among other services.  The critical point here is that regular health insurance and Medicare doesn’t cover these costs, a fact that is not well-known by many who assume that this is  the case.  And, Medicaid won’t cover these costs unless you qualify which is often difficult to do without spending down your assets first.

It’s exactly this kind of financial devastation that many choose to avoid by purchasing a Long Term Insurance policy.  And, the good news is that if you purchase a policy when your in your 40s or 50s and still healthy, you can lock in a great deal and rest easy with the peace of mind that you’ll be covered in your retirement years.

But, I can pay for it myself. Why do I need Long Term Care Insurance?

The reality is that long-term care services such as nursing homes and in-home are expensive and these costs are only expected to rise as the demand increases and more Americans than ever enter retirement.  Consider these costs average annual costs:

• Nursing Home – $83,179
• Assisted Living Facility – $45,000
• Home Care – $39,784

And, these are only averages. Depending on where you live in the country, the costs can much higher than these figures.  Most Americans find that they are unable to cover these expenses out-of-pocket.  Thus, Long Term Care Insurance just makes good financial and common sense for those who long for a secure retirement.

This is where we come in.  At LTC Tree, we’re experts in long-term care and are the largest virtual Long Term Care Insurance brokerage in the country.  We work with the top, blue chip carriers to get you the best deal out there no matter where you are or where you come from.  So, why not simply fill out our form, and we’ll get you quotes from these top carriers and then help you navigate the options in your Long Term Care Insurance policy.  Thanks for reading today’s blog and be sure to check back on ltctree.com for the best in Long Term Care Insurance policy advice, rates, quotes and comparisons.