Today's Working Adults Face Long Term Care 'Double Whammy,' Says Denise Gott, Spokesperson...

Today's Working Adults Face Long Term Care 'Double Whammy,' Says Denise Gott,
Spokesperson for LTC Financial Partners, LLC

KIRKLAND, Wash., April 17 /PRNewswire/ -- For health reasons, Americans in
the prime of life may be less financially secure than they think, according to
Denise Gott, Vice Chairperson of LTC Financial Partners LLC, one of the
nation's most experienced long term care insurance agencies. "The sudden need
for long term care can erode their best-laid financial plans," she says, "and
they're vulnerable on two fronts, not just one, no matter how young they are."
She presented the facts on April 2 on Senior Lifestyles Live Talk Radio,
hosted by Ron Kauffman (Clear Channel AM 1230 - WBZT, heard throughout south
Florida).
*(PHOTO: Send2Press.com/mediaboom/08-0417-Gott_72dpi.jpg)
*(Photo Caption: LTC Financial Vice Chairperson Denise Gott.)
One part of the double vulnerability has to do with younger Americans' own
health. "There's a misconception that long term care is just for older
people," says Gott, "but it's not so. Working age Americans -- those
18 through 64 -- account for a full 39% of those who need care." The radio
host, Ron Kauffman, highlighted this fact with a personal experience. "I had a
horrible biking accident, and I was a broken rib away from needing in-home
care." Extended care needs can arise at any age.
The second part of the double whammy has to do with the aging parents of
working people. "Statistics tell us," says Gott, "that one of every two
Americans will need some form of long term care once they reach 65." For a
young couple with two set of parents, the odds of financial impact are very
high, if the parents lack the resources for their own care. "This is a big
issue for working-age people today," Gott says, pointing out that Americans
are living longer and the odds of needing care increase with age. Young
couples, just starting out or at mid-career, "never expected their parents to
live into their 90's or beyond 100."
The current average national costs of care are higher than many people may
think, Gott says: $20 per hour for a home health aide; $80 to $250 per day for
assisted living; $55 per day for adult day care (often used for the
cognitively impaired), and $190 per day for nursing home services. These
costs, which may be lower or higher depending on region, have been increasing
with inflation. Working people need a plan for handling these potential costs,
Gott emphasizes.
One solution to the double whammy is long term care insurance, but it's
not for everyone, Gott says. "What everyone does need is long term care
planning." The wealthiest Americans can self-insure, and those with limited
income or assets may be best off looking to public assistance. Gott's
organization, consisting of more than 400 independent long term care insurance
specialists, educates individuals and organizations on the long term care
planning options that are right for each particular situation.
During the interview Gott provided a great deal of education, ranging from
policy selection to how to find a carrier without a history of rate increases
for existing policy holders. A recording of the interview is available at
http://www.ltcfp.us/ltcfp/gott-interview.html. Links to additional information
are also available at that location.
This release was issued on behalf of the above organization by
Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com
SOURCE LTC Financial Partners, LLC

Jonas Roeser, Senior Vice President of Marketing & Operations of LTC Financial
Partners, LLC, 1-866-471-4072; or Dick Samson of EraNova Institute,
+1-973-335-3699, media@eranova.com, for LTC Financial Partners, LLC