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Long Term Care Insurance

General Facts & Questions

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

What are my chances of needing long term care?
The actual risk of needing long term care (both nursing home and home health care) services is greater than 50 percent. (The general population perceives the risk to be less than 25 percent.)1

The need for long term care is growing. A 1999 American Council of Life Insurers study estimated that by the year 2030, 5.3 million elderly will receive nursing home care, doubling the number of elderly receiving care today.

How much does long term care cost?
Average, annual nursing home costs range from $38,000 to $80,000+. The average stay in a nursing home is 2.8 years.2 About 1.5 million people are in nursing homes3 and about 10 million are being cared for at home or in a community setting like assisted living or adult day care4, so less than 15 percent of long term care is in a nursing home. The number of nursing home patients has actually declined in recent years due to an increased availability of home health and other community services.

What are my options?

  • Utilize savings
  • Give away assets
  • Qualify for government assistance by spending down assets
  • Depend on private long term care insurance

Why would I want long term care insurance?

  • Help preserve your independence
  • Help protect your standard of living
  • Help protect your assets
  • Help protect your freedom of choice
  • Help avoid welfare

How much does long term care insurance cost?
There is not a simple answer to this question because each person/family has unique situations. Many factors go into determining how much a long term care policy costs, such as:

  • Daily benefit
  • Elimination period
  • Benefit period
  • Inflation protection

Policies can be designed to meet individual needs and budgets. Please contact a MassMutual agent for more information.

1Health Insurance Association of America, 1995 
2Center for Long Term Care Financing, September 1999 
3Agency for Health Care Policy and Research, 1999
4National Association for Home Care, 1999