Long-Term Care Insurance

Through Credit Union National Association (CUNA) Mutual, South Jersey Federal Credit Union makes a Long-Term Care Insurance program available to members.

Long-Term Care (LTC) Insurance is one of the most effective ways to protect yourself and preserve your savings in the event of a serious illness or injury that requires extended medical or custodial care.

Not sure you need LTC Insurance? Consider these facts:

• The average private-pay cost for a private room in a nursing home in 2006 was $206 per day ($75,190 per year). For a semi-private room, the average cost was $183 per day ($66,795 per year). (AARP, www.aarp.org, 2007)
• One year of care at home, assuming you need periodic personal care help from a home health aide (the average is about three times a week), would cost almost $18,000 a year. (U.S. Department of Health & Human Services – www.longtermcare.gov, 2008)
• About 70 percent of adults who reach age 65 will need some type of long-term care. (Health Insurance Association of America, www.ahip.org, 2009)

Can you afford to pay these prices for care in a nursing home, assisted living facility, or for home health care? LTC Insurance is the best protection against the burden of such costs. You can choose benefits that cover care in a nursing home or assisted living facility, or that pay for home health care, in many cases allowing you to stay in your home.

When is the right time to buy LTC Insurance?
Premiums are based on your age, health, and the type of plan you purchase. Due to those factors, many financial planners recommend that LTC Insurance be purchased in your late 50s or early 60s. In this age range, the cost is more affordable and your health is likely still good overall.

We at South Jersey Federal Credit Union are making this program available to credit union members as we feel that acquiring Long-Term Care Insurance is a prudent step. For more information about purchasing Long-Term Care Insurance, call (800) 443-6003.