Looking Ahead to Long-Term Care

Ben Hasan hosted Rene Apack, our club's guest and featured speaker, at the February 11th meeting.  Rene, a long time friend of Ben's, is a life and long-term-care insurance advisor from Libertyville. Rene shared with our club, via a multimedia presentation, many interesting facts about our actuarial odds of needing long-term-care in our lifetimes, and the projected costs for such care.  

Rene Apack addresses the Grayslake Rotary Club on LTC.

For example, the odds of your home having a fire are 1 in 1200, the odds of your car being totaled in an accident are 5 in 1200, and the odds of your requiring hospitalization are 105 in 1200;  all of these risks are generally covered by insurance most people carry.  In contrast, the odds of needing long-term-care are 720 in 1200, and many people do not carry insurance against this risk.  Rene detailed different insurance approaches and the financial assumptions on which they are based, with the bottom line message urging everyone to address this personal risk sooner than later.  For more information, see Rene's website.