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USTA Southern Section Sponsor offers Long-Term Care Programs for USTA Members

March 2, 2004 11:38 AM


SouthEast Financial Group, LLC is an official sponsor of the USTA Southern Section.

Founded in 1999, SouthEast Financial Group was formed with the primary purpose of providing a professional approach to protecting their clients’ independent lifestyles. The principals in SouthEast, Harry Vance and Bob Stallworth, have over 30 years experience in insurance, investments, estate planning and asset management.

WHAT IS LONG TERM CARE?
Over the last century, America has developed some of the best medical care in the world. During that time it has also created an insurance industry to provide protection against acute medical problems. However, there is a big gap in healthcare; the non-acute or custodial care provided outside of hospitals or other medical facilities. Non-acute care may be required at home, in assisted living facilities or nursing homes. This type of day-in day-out assistance is referred to as LONG TERM CARE. Most people are not aware that this type of assistance is specifically excluded from most medical insurance.

WHO NEEDS LONG TERM CARE?
The chance of needing long-term care is significantly greater than most people realize. The cost of this care is increasing rapidly. The actual risk of anyone needing long term care, either at home or in a facility, is greater than 50%. Most people insure their homes, automobiles, boats and other things, yet neglect to protect against the largest threat to their family’s social and financial freedom- LONG TERM CARE.

WHAT DO YOU THINK IS THE MOST IMPORTANT ASSET YOU NEED TO PROTECT?

  • There is a 1 in 1200 risk of having a fire that could cause major damage to your home.
  • There is only a 1 in 240 risk of having an accident that will totally destroy your car.
  • You have a 1 in 2 risk of needing long term care in your home or confinement in an assisted living facility or nursing home.

WHAT IS THE COST?
The cost for long-term care can vary tremendously. In Alabama, nursing home expenses average approximately $48,000 per year. Taking into account 5% compound inflation, this cost would exceed $120,000 per in year in 20 years.

Today we see many devastating diseases, such as Alzheimer’s, which cause an average confinement of eight years. At $48,000 per year with 5% compound inflation, this means Alzheimer’s contracted today would have an average cost exceeding $450,000 and if contracted 20 years from now would exceed $1,150,000.

MYTHS ABOUT LONG TERM CARE INSURANCE
Young people don’t need it. More than 40% of the people receiving long-term care are working age. By obtaining coverage early one can protect against the unexpected and avoid the costly mistake of waiting until health issues result in uninsurability. People who insure at a younger age pay less for protection both annually and cumulatively.

People with significant assets don’t need it. Some of the new diseases, coupled with advances in heath care, lead to very lengthy long-term care claims and threaten millions of dollars in assets. Long-term care insurance is a wise investment because it can reduce both risk and taxes. However, the best reason of all for having long term care protection is the peace of mind it offers to the entire family.

Information provided by SouthEast Financial Group, LLC.

For further information contact:
SouthEast Financial Group
Bob Stallworth or Harry Vance
6000 Luckie Drive, Suite 412
Birmingham, AL 35223
1-205-870-4949
1-800-278-1262
Fax: 1-205-870-4431
southeast@charter.net

 

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