LONG TERM CARE - A National Dilemma

Click here for a Long Term Care Quote

What you need to know:

You've worked hard all your life to ensure independence and
security. You insisted on sound financial planning to meet your
present and future needs such as vacation and retirement.

But what about the next step? Will you need long term care?

Long Term Care can mean many different things but any chronic
or disabling condition which requires care or constant supervision
can result in the need for Long Term Care services.

Long Term Care includes many areas of care including:
     Nursing Home Care
     Home Health Care
     Assisted Living Facility Care
     Adult Day Care
     Respite Care
     Hospice Care for terminal illness.

Let's compare Long Term Care to other common risks:

Did you know for every 1,000 people...

*Five (5) will have a HOUSE FIRE - Risk of 1/2%*

*Seventy (70) will have an AUTO ACCIDENT - Risk of 7%*

*Six-Hundred (600) will need LONG TERM CARE - Risk of 60%**

As you can see, this Long Term Care Risk is not something to
take lightly. It will affect many people and their families.

Consider this:

The average annual cost nationally for nursing home care is
about $46,000 or $127 per day for total costs.***

Over 40% of Americans receiving long-term care are under
65 years old.****

Who pays for Long Term Care?  You Do!!

Most hospital's, major medical and HMO's do not cover
long term care.

Medicare was designed to pay for hospital acute care costs
and pays less than 2% of all nursing home costs nationwide,
usually for skilled  care immediately following hospitalization.***

Medicaid does not pay for either nursing home care or other
long term care unless you are at the federal poverty level or until
you "spend down" your assets and meet Medicaid's requirements.

That leaves the responsibility for long term care costs with you...
or possibly with your family.

Look at these statistics:

Who Pays the 86 Billion Dollar Cost of Long Term Care?***

        50%  Individuals and Families
        42%  Medicaid (Welfare)
          6%  Long Term Care Private Insurance
       1.6%  Medicare
         .4%  Other Sources

So, who do you think ends up paying for Long Term Care?

Some facts on Medicaid:

*To qualify for Medicaid you must use up most of your resources.
  Once you qualify, you can keep a $1,500 burial fund and a car.

*If you are single or widowed you will lose virtually all your assets
 and income, including your house, before Medicaid will kick in.

*If you are married and one spouse needs care, then your home is
 protected but you may lose some or most of your assets and
 income.

How common is Home Health Care?

84% of all Long Term Care is done in the HOME! (According to
"Financial Planning, The Care Givers - From the National LTC
Network.")

In a recent survey of older Americans, it was found that 78% of
them preferred to have out-of-hospital care done at Home rather
than a Nursing Home.

Studies show that for every Senior American receiving care in a Nursing Facility, five others need similar care at Home.

One in every five people 75 to 84 and nearly 50% over 84 have
Alzheimer's disease.  And 70% of people with Alzheimer's live at
Home.

Approximately 85% of older citizens who need some Home Care
help are aided by family members.

Older spousal caregivers are 63% more likely to die in a given year
than non-caring elderly.  In fact, caregivers, at any age, are three
times more likely to seek medical or psychological help for
depression and stress related symptoms.

According to the National Association of Insurance Commissioners,
moderate chronic Home Health Care can cost over $20,000 per
year.

If you think you can ignore Long Term Care in any form, you will
most likely find out you were WRONG!

Any Questions....?

Click here for a Long Term Care Quote


*    Society of Actuaries
**   Health Insurance Association of America
***  Select Committee on Aging, House of Representatives
**** U.S. Department of Health and Human Services