What is Long-Term Care?
Long-term care refers to a variety of health, personal care, and basic living services needed by those who are chronically ill or infirm. Generally, long-term care involves receiving assistance from others when basic daily living activities can no longer be performed.

Why Long-Term Care Insurance?
Long-term care insurance was designed to protect families from the skyrocketing costs of these long-term care services over an extended period of time. For example, the average nursing home in the Rochester area costs an average of $194 a day, totaling more than $70,000 per year! Full time in-home nursing care averages around $600 a day, which can add up to nearly $220,000 per year! Most families can't afford to shoulder the costs of extended long-term care, and that's where long-term care insurance can help.

What about Medicaid & Medicare?
Medicaid is a government welfare program designed to care for the poor. This program will only pay for long-term care once you've spent most of your assets (less than $82,000 for married couples, less than $5,000 if you're single). Despite what most people believe, Medicare was only meant to cover short-term care to help you recover from an illness, but they provide no real long-term benefits. In fact, Medicare currently pays only about 2% of all long-term care costs in the United States.

When should you buy?
That depends, but if diseases like Alzheimer's runs in your family, you may want to consider purchasing a policy at a younger age. If you do purchase at a younger age, your premiums will be lower but you're paying that premium for a longer period of time. For example. A 45 year old can get a plan that covers them for a lifetime, and it could cost around $1,500 a year. A 70 year old, however, will probably be looking at a premium of around $8,000 but chances are that 70 year old won't pay the premiums for as many years as the 45 year old. There is another advantage to getting a policy while you're younger: you're required to show proof of health and pass cognitive tests in order to qualify for a policy. If you show any early symptoms of chronic illness, you may not be insurable.

How Can SageRutty Help?
Here at Sage Rutty, we work with all of the major Insurance providers in NY state, so we have a unique ability to comparison shop for the best policy at the most competitive price. When shopping for long-term care quotes, be certain you're not focusing on the price of the policy alone! It's important to understand all of the benefits of each company's plan, because it can make a big difference in the actual coverage you're receiving! To set up an initial consultation free of charge, call Kris at (585) 512-2313 or email me at KDowejko@SageRutty.com. Together with our Insurance specialists, we can provide solutions to protect you and your family from the high cost of long-term care.