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Frequently Asked Questions What is Long Term Care? Long term care (LTC) is a variety of services which help meet both the medical and non-medical need of people with a chronic illness or disability who cannot care for themselves for long periods of time. It is common for long-term care to provide custodial and non-skilled care, such as assisting with normal daily tasks like dressing, bathing, and using the bathroom. Increasingly, long term care involves providing a level of medical care that requires the expertise of skilled practitioners to address the often multiple chronic conditions associated with older populations. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. Long-term care may be needed by people of any age, even though it is a common need for senior citizens. The Centers for Medicare and Medicaid Services (CMS) estimates that about nine million men and women over the age of 65 in the US will need long-term care in 2006. By 2020, 12 million older Americans will need long-term care. It is anticipated that most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more. A 2006 study conducted by AARP found that most Americans are unaware of the costs associated with long-term care and overestimate the amount that government programs such as Medicare will pay. What is Long Term Care Insurance? Long Term Care Insurance is one way of paying for long term care. It is private insurance. It is available to individuals and may also be available through a group policy with an employer, union, or association. Remember that needing long term care doesn’t necessarily mean that you’ll be confined to a nursing home. Although many people think of nursing homes when they think of long term care, most people receive care at home. Modern long care policies pay for assisted living, home care, adult day care and respite care. Some even pay you a cash benefit to use as you see fit. Does Medicare pay for Long Term Care? Medicare DOES NOT pay for long term care. Period. Do I need Long Term Care Insurance? This can be a tough question. Most people that consider LTCi have something they want to protect - a home, a nestegg, or other assets that they don’t want to lose. When you consider the cost of nursing home care (it’s more than $15,000 a month in Alaska, $12,000 a month in New York) it’s easy to see that your entire estate could be wiped out in no time. Click here to see what it costs in your state. And being confined to a nursing home doesn’t mean it’s the end of your life. Frequently people leave nursing homes and return to their own home. Long term care insurance helps make sure that your home is still there. Also, when you have LTCi, you get to choose which facility you would like to reside. And remember, there’s a 5 year lookback on assets signed over to your relatives. The government and the doctors and facilities WILL go look for those assets. If Medicaid is paying, you go where you are assigned, which may not be convenient for your family or doctors. Click here for your FREE QUOTE! What is Medigap (Medicare Supplement) Insurance? Medigap (Medicare Supplement) is supplemental Medicare insurance sold by a private company. These policies are designed to cover the “gaps” in the original Medicare Plan by paying some of the items that Medicare does not cover. Medigap insurance may cover co-payments and deductibles for medical and hospital expenses. Click here for your FREE QUOTE! Medicare Supplement insurance may also cover certain thing that Medicare does not cover. Medicare will pay its share of the Medicare-approved amounts for covered health care costs. Then your Medigap policy pays its share. Every Medigap policy must follow Federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Medigap insurance companies can only sell you a “standardized” Medigap policy identified by letters A through L. Usually you can only buy a Medigap policy if you already have Medicare Part A and B. In some states, you may be able to buy another type of Medigap policy called Medicare SELECT (a Medigap policy that requires you to use specific hospitals and in some cases specific doctors to get full benefits). The Medicare deducibles and coinsurance are quite significant. Click here to read the government report on why and how to choose a Medigap policy. What can Medigap policies cover? It depends on which plan you purchase. Here are some examples: • Part A coinsurance plus 365 additional hospital days after Medicare ends. Talk to our experts to see which policy is right for you. Click here for your your FREE QUOTE.
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