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Long Term Care Insurance

The US Department of Health and Human Services predicts 70% of the US population will need some form of Long Term Care. Currently, only 2.5% (8.1 million) of Americans are protected by long-term care insurance.

Are you prepared?

Buying Long Term Care Insurance provides protection for your finances and assets. The sense of security and peace of mind is priceless.

As of 2014, the Average National Annual Long Term Care costs were as follows:

  • In Home Care: $44,616
  • A one bedroom Assisted Living Facility: $43,200
  • Adult day Health Care: $17,904
  • A private Nursing Home Room: $80,300

In metropolitan areas such as New York City, Washington DC, etc. these costs can be 50-75% higher than the National averages!

Why Choose McLean Insurance
For Long Term Care Insurance?

Already have long term care insurance but wondering if it’s adequate? Call us at 703-790-5770 to discuss your your current coverage, needs and situation with a McLean expert.

What does Long-Term Care Cover?

Long Term Care Insurance pays for services that involve assistance in basic daily activities. For instance, bathing, eating, moving from a bed to a chair, going to the bathroom, etc. These services are referred to as custodial care and can be performed by a family member or a paid caregiver.

Skilled care may be needed when recovering from an illness or injury. Care can be administered in different settings and long-term care insurance can cover each type of facility. Facility types include:

  • In-home care
  •  Nursing home
  • Adult day care
  • Assisted living
  • Elder care communities

How does Long-Term Care Work?

It is important to remember Health Insurance and Long Term Care Insurance are totally different. ‘Health’ Insurance covers doctor visits, treatment, hospitalization and prescriptions. ‘Long Term Care’ Insurance applies to people with continuous illnesses, disabilities or other conditions that need daily assistance over an extended period of time.

If you ever need long term care due to an unexpected illness, injury or aging you will be thankful that you invested in a Long-Term Care Insurance policy. Your Long Term Care Insurance policy will become effective in the event that you need assistance with regular day activities.

Long Term Care Insurance allows you to maintain your independence without troubling your friends or relatives.

There are a variety of Long Term Care Insurance policies and McLean Insurance will work with you to create a customized plan that best fits your situation. Factors we consider are your current age and health, premium costs, your net worth and your income.

Our Customers Love Us

Excellent Service - Michael Feinberg has consistently provided us with prompt, informative and professional guidance. He was especially helpful to us when we were setting up our new business. We recommend him wholeheartedly.

Nancy Grenier
Oct 27, 2015

Great Advice - Mike and his team provided great advice, making what can be a complex and confusing topic simple to understand. He provided options and ideas to help us select the right type and amount of coverage for our family. We would strongly recommend Mike to friends and in... Show All

Great Advice - Mike and his team provided great advice, making what can be a complex and confusing topic simple to understand. He provided options and ideas to help us select the right type and amount of coverage for our family. We would strongly recommend Mike to friends and in fact have already done so. Mark C.

Mark C.
Apr 18, 2015

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Insurance Carriers We Represent

FAQ

What is a Hybrid Long Term Care/chronic illness policy?

A hybrid policy is a fairly new concept which is growing widely in popularity compared to traditional LTC insurance.  These policies provide guarantees not found in other products – guaranteed level premiums, coverage that you cannot outlive, and the knowledge that you can use your policy proceeds to pay for nursing/home care while you are alive, with any remaining funds at death being paid out to your family.  The full benefit is received whether you require the care or not!

Why are premiums continually rising on traditional Long Term Care Insurance?

A confluence of events has led to major growing pains in the LTC insurance marketplace.  Higher than expected claims, higher than expected policy persistence (people holding their policies all the way until they need them), but most of all very low sustained interest rates for the last 15 years (preventing the cash claims-paying reserves from growing as they had projected) has led insurers to pull out of the LTC market and/or increase premiums on their policyholders, often by as much as 100%.  This is what has given rise to the popularity of Hybrid policies with guarantees.

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