Long Term Care

With the baby boomer generation reaching retirement age, many are planning ahead for their retirement years. An increasingly popular retirement planning tool is long term care insurance. In fact, it is estimated that approximately 60% of individuals over the age of 65 will need long term care at some point in time and is not usually covered or provided by health insurance, Medicare or Medicaid.

DEFINITION:
Long Term Care Insurance provides expenses. This could include walking, eating, swallowing, bathing, dressing, etc.

BENEFITS:
Long term care insurance covers assisted living, in-home care, hospice, nursing home and adult day care. Long term care can also cover a live-in or visiting caregiver, nurse, therapist and/or housekeeper. Those who do not want to place the burden of care on their children often find that long term care insurance can meet their needs without depleting their savings or the savings of their family members.

Other benefits of long term care insurance is that most are classified as tax qualified plans depending on the age of the person. Furthermore, benefits paid from long term care insurance are usually excluded from income.

LONG TERM CARE CALCULATIONS:
• In 2008, a 65 year old considering long term care could expect to pay $1,700 per year in premiums.
• A 55 year old man could expect to pay $800 per year in premiums.
• According to the AARP, the average cost of an assisted living facility in Maryland is approximately
$46,000 per year. In Virginia, the average cost is $44,000.

Long Term Care Insurance is not offered through the American National Family of Companies.

All products, coverages, and options are not available in all states, and eligibility requirements will apply. Products and services referenced in this Web site are provided through multiple companies. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies.

Life insurance and annuities are issued through American National Insurance Company, Galveston, Texas. or Farm Family Life Insurance Company, Glenmont, NY.

Personal lines and services are made available through American National Multiple Line Exclusive Agents and may be underwritten by American National Property And Casualty Company (ANPAC^®), Springfield, Missouri or one of its subsidiaries or affiliates: American National General Insurance Company; Pacific Property And Casualty Company (California residents); ANPAC Louisiana Insurance Company (Louisiana residents); American National Lloyds Insurance Company and American National County Mutual Insurance Company (Texas residents).

Commercial insurance is issued through Farm Family Casualty Company, Glenmont NY in CT, DE, MA, ME, NH, NJ, NY, RI, VA, VT and WV and United Farm Family Insurance Company in MD and PA.

Tax issues that may be discussed are subject to change, and this is for your information only. Discussion of such issues does not constitute tax or legal advice. Please consult your tax advisor, attorney or CPA for guidance on all tax matters.

These brief descriptions of coverages available are for illustrative purposes only, and are not intended as a statement of contract. For actual terms and conditions of coverage provided, refer to your insurance policy or for more information about coverage options and availability, talk to your American National agent. Eligibility guidelines apply. American National Family of Companies reserves the right to discontinue programs at any time.

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