Long-Term Care
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GCG Financial, Inc. provides a wide range of top rated Long Term Care Insurance products. We can access our numerous carriers to custom design Long Term Care Insurance solutions for each client’s unique needs on an individual level, through the worksite or through association, organization or other affinity group.
What is Long-Term Care Insurance?
Long term care insurance is coverage that is available to provide medical care and other services to patients who need constant care in their own home or in a long term care facility. 
Even though people are living longer, more are requiring expensive assistance in their later years. Long term healthcare services can be provided in your home, in an assisted living facility or in a
nursing facility. In many cases the family is no longer able to provide such care around the clock. Family members may not live close, they may have other pressing family commitments, or simply cannot get the time off work or be away from the home.
It is very likely that someone you know needs help with the activities that many of us take for granted while we are still able to perform them - eating, bathing, dressing, etc. According to the Health Insurance Association of America, 48.6% of people age 65 and older may spend some time in a nursing facility and 71.8% of people age 65 and older may use some form of home health care. Additionally, Medicare Part A covers only rehabilitation, not ongoing chronic care. The average annual nursing facility costs have exceeded $50,000 and often much more.
The greatest difficulty with long term care is the lack of preparation for the emotional and financial burdens that develop when someone you love requires assistance. Some people can pay the bill out of pocket, others will qualify for Medicaid (welfare), but most of us will fall somewhere in the middle. We have worked hard all our lives and now we can lose everything to a nursing facility.
A long term care insurance policy can help protect your assets from the rising cost of care, allowing you to remain financially and socially independent. Long term care insurance can help secure not only your family’s financial future, but also give peace of mind to your family.
What are the costs?
Long-Term Care expenses can be exorbitant:
• Home Health Care $37,000 to $110,000+
• Assisted Living $30,000 to $ 80,500+
• Nursing Facility $52,000 to $110,000+
• Adult Day Care $17,000+
What are the risks?
• 75% of couples will have at least one spouse in a nursing home. (The Wall Street Journal April, 2000).
• The national average cost of a private room in a nursing facility has increased by 8% from 2002 to 2003. (Met Life Market Survey of Nursing Homes & Home Health Care Costs, August 2003).
• More than ½ of all women and 1/3 of all men who survive to age 65 are expected to spend time in a nursing facility before they die. (Wall Street Journal, 2/21/01).
• At ages 50-54, 89% of men and 79% of women are insurable. By ages 65-69, only 74% of men and 71% of women are insurable. (1996 Medical Expenditures Panel Survey)
Why offer Long-Term Care Insurance through your organization?
Premiums can be up to 100% tax deductible to a business as a medical expense and are in most cases not includible in the employee’s income and benefits are still received income tax-free.
An employee caregiver can cost his or her employer an average of $2,500 per year.
(HCFA Office of the Actuary: Data from national health statistics, 1997)
• Group discounts due to the buying power of your group
• Additional discounts based on health and marital status
• Discounts extended to employees and family members
• Plan and discounts are completely portable
The average age of people who buy long term care insurance at work was 43 in 1999. (HIAA, 2002)
• 40% of those requiring Long-Term Care are working adults age 18-64.
(HCFA Office of the Actuary: Data from National Health Statistics, 1997)
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