Jim Morguelan is a licensed life and health agent with over 10 years of experience specializing in the field of Long-Term Care insurance.  He entered the long-term care market as a fresh voice after his father’s eight year bout with Alzheimer’s disease ended with placement in a nursing home.  Due to his family’s wise decision to put coverage in place long before his father needed care, Jim’s passion and goal is help people understand the issues surrounding this dilemma and provide them with the knowledge and insight available to an independent producer representing the top companies in the industry today.  Jim was invited to Washington DC in 2003 to provide his testimony on the importance of Long-Term Care insurance, and has provided continuing education to the KY Society of CPA’s, attorneys, and financial professionals.  He also has been a guest speaker at seminars for the city of Louisville and the public library, and has served   in an advisory position to the Alzheimer’s foundation.  Jim lives in eastern Louisville and is an avid golfer and bridge enthusiast. 

Q: What is Long-Term Care

A: Long-term care (LTC) is a variety of services which he meet both the medical and non-medical needs of people with a chronic illness or disability, or those who cannot care for themselves due to the effects old age.  Non-medical care is also known as custodial care and provides help with the activities of daily living such as bathing, eating, dressing, toileting, transferring, and continence.  Long-term care can be received in a variety of places.  Home health care is the preferred choice of most people and makes up about 80% of all services provided.  Assisted living facilities, nursing homes, and adult day care are other options. 

Q: What are the Costs for Long-Term Care?

A: The average annual cost for skilled nursing care in a private room in Kentucky according to the 2010 Genworth Cost of Care Survey is $69,350. For assistedliving it’s $30,678, Home health care based on a 44 hour week is $38,896; however, 24 hour care may run as high $300 per day or over $100,000 per year.

Q: Why is Long-Term Care Insurance Important?

A: Long-term care insurance has become an important tool in protecting the finances, futures, and lifestyles of many Americans today.  Due to medical advancements in technology, people are living longer than ever before, thereby increasing the chances of needing care.  Top reasons for purchasing coverage are protection of assets and retirement funds, the realization that adult children may not be financially able to quit a good job or put a career on hold to provide care, and the ability make your own decisions for quality health care.