Long Term Care Insurance

Here are some reason to have a Long Term Care Insurance Policy:

The government isn’t going to pay for long-term care at home, in a nursing home, or in an assisted living center. Medicare may pay for skilled nursing care for 20 days. Then you pay a copayment of $137.50 per day for the next 80 days. After that, Medicare pays nothing. Medicare only pays for skilled care and most long term care is not skilled care.

The national average cost for nursing home care is approximately $209 per day for a private room.. Assisted living costs a national average of $3,008 per month. If you live in the New York area, the average range is $138,634 (semi-private room) to $145,392 (private room) for a year’s stay in a nursing home. These costs are perfectly capable of wiping out a lifetime of savings, not to mention the emotional effect long-term care has on a family. Click here to read the entire report.

A Harvard University study showed that 69% of single people and 34% of married couples would exhaust their assets after 13 weeks in a nursing home. Thirteen weeks is only 91 days.

At age 65, a woman has a one out of two chance of spending some time in a nursing home. A man has a one out of three chance.

Medicaid kicks in only after a person’s assets and dignity are gone. In many states the eligibility threshold for single people is $1,500 in assets. After all, Medicaid is WELFARE.

Most of us want to maintain our independence so we won’t have to rely on family members. They certainly can’t quit their jobs to care for their parents.

Health rarely improves with age.

People can’t buy long-term care coverage at crisis time or when they are ready to use it.

Most people want to choose their care facility or their home care provider. If Medicaid is paying for your care, you often have to go where you are sent by the government, or use the home care contractor you are assigned.

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