Long Term Care
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Maintain your dignity!
- Keep your independence!
- Preserve your assets!
- Protect your family
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Long Term Care
Information
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What
is Long Term Care? <top
of page>
Long term care provides assistance to people who need help over an
extended period of time with the activities of daily living; bathing,
dressing, eating, toileting, continence or transferring. It also
provides care for people with cognitive impairment, such as Alzheimer's
disease.
Who Needs Long Term Care?
Current statistics show that one out of two women and one out of
three men will need nursing home care at some time in their lives. This
need for long term care can occur at any age. Though nearly half of the
people needing long term care today are over age 65, disabled people
between the ages of 18 and 64 make up 40 percent of Americans needing
long term care.
Why is
Long Term Care Insurance Important?
Most people carry home and
auto insurance, yet fail to plan for the much higher risk of needing
long term care. Luckily, that's changing as people recognize today's
realities. Once they see that the annual
premium for most ages is less than the expense of a one - or two - month
stay in a nursing home, more and more individuals are
purchasing long term care insurance to help protect their assets and
independence.
Who Pays for it?
Most people believe
Medicare will pay for long term care. But the fact is, Medicare pays
only for short term (about three months) skilled nursing care following
hospitalization. More than 99 percent of nursing home care is either
custodial or immediate care that is not covered by Medicare or Medicare
Supplement Insurance. And, despite what most believe, few employer
health insurance plans provide coverage for long term care services.
While Medicaid is the major source of financing for long term care
expenses, this support comes at a cost - lack of control and choices.
Generally, state Medicaid programs require you to spend down your assets
to pay the costs until you meet poverty level guidelines and qualify for
assistance. Even though a portion of a couple's assets is protected if
one spouse stays at home, if that spouse dies the state can recover the
costs paid by Medicaid from the estate.
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