Long-Term Care Insurance in Knoxville

“The number of Tennessee seniors age 65 and over is expected to almost double from 850,000 in 2010 to 1.7 million in 2030,” according to an April 2017 Comptroller’s report on senior long-term care. Driven by the Baby Boom generation size and increasing lifespans, “this population change will result in significant growth in the demand for and potential cost of current services and programs.”

With a median household income of $39,933 for seniors 65 and older, Tennessee ranked seventh worst among the 50 states based on how its older population is faring, according to a recent analysis by the website 24/7 Wall St.

It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life including personal things that you will not want a family member to do for you. The big question is: How will you pay for it?

Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease or Dementia. Most policies will reimburse you for home care, a nursing home, assisted living facility or even an adult day care center.

As a result long-term care costs are an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance purchase it in their mid-50s to mid-60s.

About half of 65-year-olds today will eventually develop a disability and require some long-term care services, according to a study revised in 2016 by the Urban Institute and the U.S. Department of Health & Human Services. Most will need services for less than two years, but about 14% will require care for more than five years.

Regular health insurance doesn’t cover long-term care. And Medicare won’t come to the rescue, either; it covers only short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab. It does not pay for custodial care, which includes supervision and help with day-to-day tasks.

If you don’t have insurance to cover long-term care, you’ll have to pay for it yourself. You can get help through Medicaid, the federal and state health insurance program for those with low incomes, but only after you’ve exhausted most of your savings.

We are happy to research and compare policies to ascertain the one that best fits your needs.

To get a quote contact Vernon Henry at (865) 940-0278.

(865) 940-0278
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