PROTECT YOUR ASSETS. GET QUALITY CARE. PREPARE FOR THE FUTURE. What is it? Long-term care insurance helps you pay for your extended medical needs in a nursing home facility or in the comfort of your own home. Who needs it? Long-term care insurance should be an important part of every family’s planning. While we’d like to think that we will never need long-term care, or that we could easily afford it the statistics suggest otherwise: 70 percent of people over age 65 will need some type of long-term care services during their lifetime.[1] 3 years is the average duration of long-term care needed per individual.[2] $91,250 is the average annual cost of private nursing home care.[3] $80,300 is the average annual cost of at-home nursing care.[4] Traditional medical insurance programs and government medical insurance programs don’t usually provide enough help. According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements.[5] How does it work? Knights of Columbus Long-Term Care insurance policies establish a pool of money (also known as a maximum lifetime benefit), which is determined by a number of options that you choose from (see below). That pool of money is then available for you to use to cover qualified long-term care expenses. When the pool of money is exhausted, your long-term care policy ends. The Knights of Columbus also offers a spousal discount program, through which spouses who apply for long-term care insurance coverage together are eligible for up to a 30 percent discount. Contact me today to learn more about our long-term care insurance products and the safety and security that we can help provide. Learn more at KofC. [1] U.S. Department of Heath & Human Services Clearinghouse for LTC Information [2] Ibid. [3] 2015 Cost of Care Survey, Genworth. [4] Ibid. [5] U.S. Department of Health & Human Services