|
Long Term Care is the care you receive when you cannot take care of yourself
for an extended period of time. This care can come from a number of sources
such as an adult day care center, assisted living facility, community care,
home care, hospice care facility, hospital long term care unit, or nursing home.
57% of the population over age 65 will require long term care at some point in
their lifetime.
40% of all Americans age 65 and over will require care in a convalescent/nursing
facility sometime during their lifetime.
43% of all long term care claims are for individuals under age 65.
According to a study conducted in 2000 by the American Council of Life Insurance,
the cost of Long Term Care services will more than quadruple by 2030. Costs
shown below are averages and may vary widely across the country.
|
Long Term
Care Services
|
Today's
Average Cost
|
Estimated
Costs By 2030
|
|
Adult Day Care
|
$50.00 per day
|
$200 per day
|
|
Home Health Aide
|
$61.00 per visit
|
$260 per visit
|
|
Assisted Living
|
$25,000 per year
|
$109,100 per year
|
|
Nursing Home Care
|
$44,100 per year
|
$190,000 per year
|
Will Medicare pay for Long Term Care?
Medicare primarily focuses on hospital stays and physician visits. Medicare
is not designed nor intended to cover long term care. It will not cover more
than a few days of skilled nursing home care.
Will Medicaid pay for Long Term Care?
Medicaid is a government "welfare" health care program for indigent persons,
established by the federal government, but administered by the states and
funded by both federal and state governments. Benefit levels and eligibility
requirements vary with the states. When a person requires long term care and
does not have private insurance, funding for the care must first come from the
individual's own income, savings, and assets. Only when the person has "spent
down" or exhausted his or her income, savings and most assets to a minimal
amount, will Medicaid funding become available. In addition, Medicaid limits
your choice of facilities and often pays too little to cover the cost of
high-quality care.
What Is A Solution?
Long Term Care insurance enables you to transfer some of the financial risk of
long term care costs to an insurance company. In exchange for premium payments,
long term care insurance enables you to preserve your accumulated wealth from
this potentially devastating expense.
Who Should Consider Buying Long Term Care Insurance?
People who don't want to burden their children or family.
People who want to protect their assets.
People who want to avoid going on Medicaid.
People who want to have peace of mind.
People who want to have control of their care.
People who want to maintain their independence.
How Do You Become Eligible For Benefits?
You must be certified as a chronically ill individual within the preceding 12 months
by a licensed health care practitioner. Chronically ill means you are unable to
perform two or more of the six activities of daily living for an expected period of at
least 90 days or you require substantial supervision to protect yourself from threats
to your health and safety due to severe cognitive impairment. The six activities of
daily living include: bathing; dressing; toileting; the ability to move in and out
of a bed, chair or wheelchair; eating; and continence. Written certification must be
renewed or updated at least every 12 months.
Please feel free to contact us today to discuss the available plans of Long Term Care
for your protection.
|
