| Facts About Long Term
Care
Long term care insurance planning is a great concern
for many people. It impacts the whole family when a long term care
need arises. All persons, young and old should be concerned and
informed about long term care planning.
Remember, we can't protect our house when it's
on fire and we can't insure for long term care when there is already
a need.
Wishful Thinking: Long Term Care won't happen
to me, I'll just die suddenly on a day of my own choosing, after
an otherwise healthy, happy and fulfilling life!
Fact: 43% of people sixty-five and older will spend
time in a nursing home. The average stay (excluding short stays)
is three years.
False Hope: My present Health Insurance or
Medicare will pay for my long term care.
Fact: Health Insurance does not pay for typical
nursing home care. Medicare payments are very limited and pay for
skilled nursing care only, if you can qualify. Medicaid (Welfare)
pays long term care for the indigent. Personal savings and whatever
other assets or cash that is available pays nearly 40% of all long
term care expenses. It is the individual or their family who will
pay when long term care is needed.
False Statement: Long Term Care isn't that
expensive.
Fact: Nursing Homes currently average $40,000 or
more per year and are expected to double in the next 14 years (based
on a 5% inflation factor). Home care can easily cost as much or
more.
False Statement: Long Term Care Insurance
is too expensive.
Fact: Long Term Care Insurance is very affordable
for most people. When purchased at younger ages it is a minimal
expense and can cost thousands of dollars less than waiting to buy
similar coverage when older, assuming you are still healthy enough
to purchase insurance.
Creative Solutions:
Long Term Care Insurance Protection can be designed many ways:
* To cover Nursing Home
* To include Home Health Care
* To provide Benefit Inflation Protection Feature against rising
costs of care
Long term care insurance provides . . . . .
....an option from having to depend on the family
....freedom of choice as to where you receive long-term
care, less worry and the mechanism by which you can afford your
choice of care options.
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