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Virginia Long Term Care Insurance

Virginia Long Term Care Insurance can play a very important role in protecting your assets. Long term care insurance in Virginia insures those who are forced to seek long term medical care. Long term care is often overlooked in financial planning, but is perhaps the most important aspect. A Virginia long term care insurance plan can help you reach your financial goals while giving you a peace of mind in case of a traumatic event.

General Virginia Long Term Care Insurance Information

While many of us have now heard of Long Term Care Insurance, we may be still wondering if we really need it. We work all of our lives trying to build financial stability, which we hope will carry us into our retirement years.

Once we retire, we look forward to many years of comfort and relaxation. Unfortunately, it doesn't always work out as we planned. More often than not, some type of illness strikes and we are facing the possibility of not only being cared for, but in many cases, the probability of losing everything we have ever worked for. There is a way to be prepared, and that is by making sure we have a program in place which will absorb the financial burden, and give us peace of mind, while knowing that we can be cared for in a manner that we choose. And, in most cases today, we can be cared for right where we feel the most comfortable, in the privacy of our own home.

Knowing the facts is the first step to being prepared. Consider that:

1. About 9 Million Americans age 65 or older will need Long Term Care services this year.

2. Being cared for is extremely expensive. Based on the 2007 national average, it will cost over $66,000 per year for a semi-private room in a nursing facility.

3. Someone age 65, on average, will need some long term care for at least three years. About one-third of today's 65 year-olds may never need long term care while 20 percent of todays 65 year-olds will need long term care for more than five years.

4. Consider this: 56% of adults in the United States are saying that they couldn't pay their bills or meet their basic expenses if they became disabled.

Long Term Care policies can be tailored to meet your needs as well as your budget. For example, Long Term Care Policies are available for periods of coverage including 2, 3, 5, & 8 year periods as well as lifetime.

Various elimination periods are available such as 30 Days, 60 Days and 90 Days. In most cases, people can be cared for at home with First Day coverage. The home benefits go directly to your elimination period, which means that you can purchase a longer elimination period for the nursing facility portion (which will keep your costs down) and receive first day coverage, if you ever have to enter a nursing facility.

Of course, we all want to think that we never will need this magnitude of health-care, but unfortunately, the reality of our needing the care outweighs our not needing the care. We need to ask ourselves this question. Am I willing to gamble my life savings, my quality of life as well as the quality of life of my loved ones, or do I want to have the peace of mind that a Long Term Care Plan can give to me and to my family?

Most of us have taken steps to protect our financial future. Remember that a sound financial plan should also address the possible need of Long Term Care.

1 U.S. Department of Health and Human Services, National Clearing House for Long Term Care Information (www.longtermcare.gov)

2 U.S. Department of Health and Human Services, National Clearinghouse for Long term Care, (www.longtermcare.gov)

3 NAIC National Consumer Survey, International Communications Research. February 28,2007


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