Long-Term Care
Long-Term Care is care provided for people by people. It includes assistance with your "activities of daily living" due to a physical disability such as a chronic or disabling illness, an accident, or just the passage of time.
Long-Term care insurance allows people to pay a known and affordable premium that offsets the risk of much larger out-of-pocket expenses.
The majority of people who need Long-Term Care remain in their homes or other non-nursing home settings. However, it is not just for senior citizens; 40% of people receiving Long-Term Care are under the age 65.
The Facts:
- Medical insurance and Medicare WILL NOT pay for Long-Term Care.
- Every 71 seconds someone develops ALZHEIMERS.
Alzheimer's Association
- 70% of people with Alzheimer's Live at home.
- 80% of all informal Care is provided by family members.
Caring for the Caregiver, AARPmagazine.org, Nov/Dec 2007
- Many people mistakenly believe they are covered for Long-Term Care by their Health or Long Term Disability insurance (not Long-Term Care insurance).
- MEDICAID will only pay for Long-Term Care for those who no longer have the ability to pay for themselves.
- Long-Term Care insurance is not too expensive, Long-Term Care insurance allows people to pay a known and affordable premium that offsets the risk of much larger out-of-pocket expenses.
- If you have not planned for Long-Term Care then your plan is to spend all that you have worked for including HOME, LAND, CD's, IRA's, until you qualify for MEDICAID. The IRS looks back for asset transfers to see if you are poor or just trying to look poor.
- 50% of Nursing home costs are paid by MEDICAID either immediately for people who are poor or after a person "Spends Down" assets to become eligible.
- 33% of Nursing home costs are paid out-of-pocket by individuals and their families.
- 12% of Nursing home costs are paid by Medicare for short term rehabilitation after a hospital stay.
- Long Term Care Plan - Be Rich, Be Poor, or Be Insured!!!
