1. Unless you're living below poverty level, the government won't pay a dime for long term care. What about Medicare? After a 3 day hospital stay, under recuperative circumstances, Medicare will pay some of your care costs for a limited amount of time, but only for short term, skilled nursing care.
2. In 2006, the national average cost for nursing homes was $195.00 per day. Assisted living costs average $188 per day. Can you afford to pay this price?
3. A Harvard University study showed that over 50% of all people entering a care situation are penniless within one year.
4. At age 65, women have a 50% chance of spending time in a nursing home. Men have a 33% chance. Woman generally outive men, and therefore can care for their husbands, if they are able. Many are not able ~ the stress of caregiving can be debilitating.
5. Few people would enjoy being on welfare if they knew what it meant. Medicaid is welfare. Trust me, you don't want to go on the dole, unless absolutely necessary. It's humiliating and Medicaid recipients are known to get lesser quality care.
6. Sure kids want to help, but would you honestly ask your children to work less hours or forfeit their jobs in order to care for you? You have done your best to give them a better lifestyle. Will you risk their lives now?
7. The longer you wait, the higher the premium costs.
8. Just as you can't buy fire insurance for a burning house, you can't buy long term care insurance once you've been diagnosed as a possible long term care risk. Get it while you can!
9. Long term care costs are expensive. Only those who can afford it get top-quality care.
10. Unless you are very wealthy or have good insurance, you will be dependent upon your family's care (if they can provide it) or at the mercy of governmental agencies. If you value your family, your estate, your independence and your freedom of choice, then be smart and prepare now.
Long Term Care Insurance ~ The Short Overview
Long Term Care Insurance, also known as nursing home insurance, protects you and your loved ones, should you ever need extended care.
Many folks think Medicare, Medicaid or their medical health insurance will pay for Long Term Care. Not so.
Even though most people think they will not need long term care, the truth is that your chance of needing home care, assisted living or nursing home care is more than 50 percent.
People justify not getting long term care insurance by rationalizing that, "A family member will take care of me." Unfortunately, most people offer long term caregiving assistance without knowing what they are getting into. Caregiving is more stressful and exhausting than anyone realizes. We know, we're in the thick of it right now.
Caregivers have a high rate of clinical depression and can develop health care problems themselves. According to the Caregiver Health Effects Study, those who feel strained by the demands of helping a disabled spouse had a 63% higher mortality risk of dying within 4 years. Is that want you want for your loved ones? Long term care insurance (LTCi) can keep that from happening.
Do not confuse LTCi with "long term health care insurance". It is not health insurance. Health insurance covers doctors, hospitals and acute or recuperative care. LTCi is for "custodial care". While health insurance covers doctors, hospitals and short term recuperative care, it NEVER covers long term care. Just read your policy and see for yourself.
LTCi was originally designed to cover stays in skilled nursing homes only, but these days, LTC insurance can also cover assisted living facilities, adult daycare and even home care, which are desirable options for many folks.
As the American Society on Aging writes, "People need to prepare before it's too late," because if you do not die first, you will keep aging until you need care. And we keep getting older...
Due to new breakthroughs in health fields, our population is aging. States such as Arizona, Florida and New York are feeling the impact of the ever-expanding group of 70+ year olds. The Baby Boomers are fast on their heels. Within 30 years, the number of us needing long term care will exceed 6 million. Who will pay to take care of us?
States simply won't have the money to provide Medicaid for those in need. State Medicaid programs are already financially stressed, as Uncle Sam keeps cutting their funding. Government has made itself very clear: "Get LTCi if you can afford it or you'll have to pay out-of-pocket. Not many of us have enough income to save for future long term care costs, so we must protect ourselves with insurance.
Driven by employee demand and government incentives, more employers now offer group LTC insurance. 80% of employees would consider buying LTC coverage if their employers offered it, but please beware that group plans have their limitations. Before buying a long term care insurance policy, you want to learn exactly what the group plan policy offers compared to an individual, non-group policy in order to make an informed decision.
While many older people do need long term care, it is important that younger people think about securing their futures, too. Believe it or not, over 40% of Americans receiving long term care are under 65 years old. Many degenerative diseases, like Multiple Sclerosis, Parkinsons and Arthritis, are affecting people at younger ages. You can't get long term care insurance once you've been diagnosed with certain health problems, so buying LTCi protection at an early age secures your future.
Don't wait until it's too late! Find the most appropriate policy for your life circumstances. You can do this quickly and easily with assistance from your Buyer's Advocate. No need to search mutliple companies in order to find your best possible insurance policy. Your LTCi Buyer's Advocate will contact you to discuss your options and provide you with FREE long term care insurance quote(s). You choose to continue on or not.
No worries, no hassles, NO OBLIGATION - just caring service provided within the comfort and privacy of your home.
Long Term Care Statistics: Numbers don't lie.
Long Term Care ~ A Women's Issue: The truth about women and long term care
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Living Life with Long Term Care: Why listen to us? Now coping with advanced Multiple Sclerosis, Our founders share their family care stories and advise us to Prep Smart!