|
What is Long Term Care?
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.
|
|
