Sunday, July 20, 2014

#Sponsored Let's Talk about Long Term Care #LetsTalk #MC

Disclosure: I wrote this review while participating in a campaign for Mom Central Consulting on behalf of Genworth. I received a promotional item to thank me for participating.

There are certain topics that NO ONE wants to bring up with family.

Perhaps one of the more uncomfortable topics to bring to the table is Long Term Care. It's one of those things that isn't nice to talk about but must be talked about; it's a conversation that can be painful, but doesn't have to be (and talking about it will likely cause less pain down the road.

I am lucky in that my entire immediate family (except me, the writer) has a background in financial planning and insurance. So these are conversations that have happened already. Fun conversations? No. Important? YES. 

This summer, Genworth will be on the road with the #LetsTalk Tour listening to your stories and helping you think through long term care planning. The #LetsTalk Tour encourages all of us to have the important long term care conversation with our family members. 

What is long term care insurance?

Long term care insurance helps people with chronic illnesses, disabilities or other conditions get the help they need on a daily basis for an extended period of time. Long term care helps with these activities of daily living, and long term care insurance helps cover the expenses of long term care.

Here are the facts: 

  • In the 2000, almost 10 million people needed some form of long-term care in the United States. 
  • Of this population, 3.6 million (37%) were under age 65 and 6 million (63%) were over age 65 (Roger & Komisar, 2003). 
  • Almost 70% of people turning age 65 will need long-term care at some point in their lives. 
  • A one-bedroom room in an assisted living facility is typically a $42,000 annual expense. A private room in a nursing home can average more than twice that.40 Costs are, of course, even higher for couples seeking services
Keep these sobering statistics in mind and head over to Genworth's Let's Talk Tour page. You'll learn some ways to get the conversation started. 

Genworth has been in the business of writing insurance policies since 1871and is an industry leader in providing long term care insurance. In addition to long term care insurance, Genworth provides financial security and protection to its customers through all stages of life, from mortgage insurance to retirement income, life insurance, and related financial and wellness advisory services. Genworth's mission is to be the prime mover behind the long term care conversation most Americans are ready to have, hence the #LetsTalk Campaign. 

Whether you're ready or not, life happens and it's better to be prepared. 

Get those words out so you can move forward and back to enjoying life!

1 comment:

  1. It isn't any surprise that people do not want to talk about long-term care and long-term care insurance, especially long-term care insurance cost. Many Americans find it as an unpleasant topic because no one wants to be on long-term care and cannot bear to think that they will be spending all their money paying for ltc services. However, death is not a pleasant topic as well but many people consider having life insurance and discuss it with family members. What we got here is denial, that we may all be needing long-term care services at some point in our lives.

    While it is true that long-term care insurance cost may not be a fun topic, but it is indeed very important. Not all people have enough savings to cover the cost of care, we must be able to discuss it especially with family members so we will know if we or a loved one has enough funds or alternate source of funds to cover long-term care cost. According to
    ltci cost varies widely depending on the carrier and your location as well, it may vary from $1,000-$7,000/year. If we think paying for insurance is expensive, try checking the cost of care nowadays, a nursing home may cost you around $60,000 to more than $100,000/year. You will clearly see the difference of having a protection against long-term care events because the capital needed to pay for an insurance is typically less than the amount of money needed to pay for the cost of care.