Long-Term Care (LTC)
LTC can be challenging... especially for those who find it hard to see themselves needing help with the most basic daily activities, like bathing or dressing. Yet, taking accountability for their future care and planning for that day is something everyone should do. It's not just good for people and their families. It's also good for America.
Most people will tell you they plan to live a long life, but with age comes the need for help with some of the things they always did for themselves. According to the U.S. Department of Health and Human Services, 70 percent of people who reach age 65 will need LTC services at some point in their lives.
LTC services are expensive
Our cost-of-care survey revealed that just one year in a nursing home can cost more than $76,000 (based on national averages). Home health care is less expensive, but people still can expect to pay as much as $36,000 to $40,000 per year for care they receive at home.
You can't rely on health insurance or Medicare
Many people mistakenly believe their LTC needs are already covered. In reality, health insurance doesn't cover LTC services. Medicare only covers services for a short time - typically just long enough to help people get back on their feet after an illness or injury.
Medicaid isn't for everyone
It's true. Medicaid does cover LTC services. But it's important to remember that Medicaid is a program for people with low incomes and limited resources. That may mean you would have to spend down your assets just to qualify. Not an attractive option for people who want to protect the assets they worked a lifetime to accumulate and leave a legacy for their children.
There's a hidden cost to family caregivers
It's easy to say, "My family will take care of me." But a spouse may not be physically able to provide all the care that's needed and children have their own family and career obligations. The fact is family caregivers frequently suffer from stress and illness themselves. Not to mention lost wages if they have to give up a job or reduce work hours.
The best time to start planning is now
How will you pay for the care you need? Where will you live? Who will take care of you? These are questions people need to ask themselves now while they're young and in good health. The need for LTC services can arise at any time. Having a
plan in place when that day comes can help alleviate the emotional strain many families face.
The cost of waiting can be high
The ability to obtain an LTC policy is based on age and good health. So it's important for people to understand that if something happens to cause a change in their health status, they may not be able to purchase LTC insurance at any price.
Some coverage is better than none
Many people who think they can't afford an LTC insurance policy neglect to consider what would happen if they didn't have one. Without a policy to help pay the bills for LTC services, they may have to liquidate assets, sell stocks, dip into savings or retirement accounts or sell property to come up with the cash they need. Even a modest LTC policy offers some protection for their important assets.
What Is The Solution For Long-Term Care
- Medicare? No
- Medicare Supplement Insurance? No
- HMO or PPO? No
- Medicaid? No
- Use your personal savings, assets, investments? No
- Rely on your family for support? No
- Borrow? No
- Charity? No
- Transfer the risk to private insurance? ABSOLUTELY
We have devoted the last 25 years helping people just like you build a plan that gives you and your family the security and independence that you have worked for all of your life. I am confident that together we can provide a Long Term Care program that you will feel comfortable with. Call today (800)687-8443 for a no obligation consultation.