Long term care is the personal care and other related services provided on an extended basis to people who need help with their activities of daily living or need supervision due to a cognitive impairment.  This could be a result due to anything from a car accident to a stroke. It also includes help due to memory problems such as Alzheimer’s. Most people fail to address this in their long range planning due to denial. It is very uncomfortable and emotional to admit you might be dependent on others for care. While we can’t promise it won’t rain, we can give you an umbrella to help keep you dry.

Long term care has become a major concern due to the aging population. People are living longer then ever and odds of needing some form of care has increased dramatically.  Compound this with the fact that families are living further apart and we have a problem. Many baby boomers find themselves in the sandwich generation between caring for both children and parents.

There are many statistics available but according to most experts we have greater than 50% chance of needing some long term care before we pass away. Most people associate long term care with nursing homes. However statistics state the 82% of long term care takes place at home, adult day care and assisted living facilities.

The cost of the care can run between $3000 to $6000 per month on average in Southwest Florida. Most assisted living facilities and home care agencies do not take Medicare or Medicaid for an extended period of time. Therefore the cost will be paid by the patient or the family. The average length of care is about 3 years.

Most people start to investigate purchasing long term care insurance in their 50’s. This is a great time to start as typically they are healthier and the premiums are lower. At Jaikes Financial Group we use only the best long term care companies available. We are able to match your particular needs with the appropriate company.

We also specialize in asset based long term care insurance. This takes the approach that the insured can invest in either a whole life policy or an annuity yet still have long term care coverage.

There are several ways to protect oneself from the financial devastation associated with the need for care.  With our vast knowledge of different products we believe we can find a fit for almost anybody. It is our goal at Jaikes Financial Group to provide you with the best solutions available.