Long-Term Care Insurance

BoatUS is proud to announce a new benefit – Individual Long-Term Care Insurance. Long-Term Care Insurance fits our mission of offering our Members benefits and services that enable them to enjoy their boating free from the concerns of life’s stresses. As boat owners we love spending time out on the water with our friends and family, yet we also need to look ahead and make sure our financial assets are protected in order to continue pursuing our passions. Our new partner is ready to deliver the protection that meets your individual and families’ needs to assure those assets are not at risk to pay for the daily care needed should you or your loved ones require it later in life. And what’s more, because you belong to BoatUS you can get this protection at a discount as an added benefit of membership.

Call (888) 822-6841 or click here for more information.

 

What is Long-Term Care Insurance?

Long-Term Care Insurance is a type of insurance that will pay for some or all of your long term care expenses. These are the expenses typically associated with a physical illness, disability, or cognitive impairment that lasts for a long period of time. Usually, this type of care is associated with a nursing home stay, home health care, adult day care, or care in an assisted living facility.

 

Should I buy Long-Term Care Insurance?

Long-Term Care Insurance is not appropriate for everyone. For example, if your only source of income is a Social Security benefit or Supplemental Security Income (SSI), you probably shouldn't buy Long-Term Care Insurance. If you are in very poor health or have certain debilitating diseases, you probably won’t qualify to buy LTC Insurance.

However, if you are in generally good health and have assets that you’d like to protect and pass on to your heirs, it may make sense for you to purchase LTC Insurance.

Who is likely to need Long-Term Care?

Presently, more than 1.5 million Americans live in nursing facilities. A recent study projected that 43% of people turning 65, will need some form of long term care in their lifetimes. The same study projected that 55% will have a nursing home stay of at least one year, and 21% will have a stay of 5 years or more.

This is the type of care that most Americans will require at some point in their lives. If you are not insured, you will have to pay for the expense out of your savings or rely on the government to pay your expenses.

 

How much does Long-Term Care Cost?

Your cost will depend on the type of care you need and where you live. The average annual cost of a nursing home stay is $41,000, but costs can be as high as $80,000 a year in some parts of the country.