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5 Myths on about Long term care insurance Myth 1: I'm Too Young to Need Long Term Care Long term care is not just for the elderly. Nearly 41% of long term care is provided to people under age 65 who need help taking care of themselves due to diseases, disabling chronic conditions, injury, developmental disabilities, and severe mental illness. Myth 2: My Family Will Take Care of Me In today's society, children are more apt to live further away from their parents. In addition, many adult children are taking less vacation time and working longer hours. Taking care of a family member is a time-consuming commitment that often demands a significant number of hours from multiple family members. Even if family members can find the time to provide caregiving to a family member, it often comes at a tremendous financial cost. Caregiving can cost the average caregiver in lost wages, pension benefits, and Social Security. While having a family take care of you might be an option, it might be difficult to do without additional assistance.] Myth 3: Medicare or Medicaid Will Cover My Bills Medicare is generally available for people over age 65 and the disabled. It only pays limited amounts for skilled care following a hospital stay and it is not intended to cover care that assists people with activities of daily living for long periods of time. Specifically, Medicare covers the first 100 days of skilled care in a nursing home after a hospital stay of at least 3 days and as long as you enter a nursing home within 30 days of leaving the hospital. Medicare covers some home health care for the treatment of an illness or injury. Read more about Medicare at visit www.medicare.gov. Medicaid (Medi-Cal in California) is a state-based program supplemented by Federal funds that provides health services to the poor and impoverished. Medicaid might cover you if you meet your state's poverty criteria and receive care that meets your state's guidelines. Many people attempt to "spend down" their assets to state required levels or try to transfer their assets to family members to become eligible for Medicaid. States now have the authority to examine a Medicaid applicant's past 5 years of finances and impose penalties. (State requirements do vary, contact your state Medicaid office for details.) Read more about Medicaid at http://www.medicaid.gov. Myth 4: Health Insurance Will Cover My Bills Health insurance rarely covers ongoing chronic care needs. Most health plans, are intended to cover skilled, short term medical care as you recover from an illness or injury.
Myth 5: I Can Save Enough on My Own Paying from personal savings is one way to cover long term care expenses. However, you should consider the cost of long term care services before relying on this method. Here are the current national averages for long term care services:
In 2011, the national average cost of a semiprivate room in a nursing home was $75,555 annually. According to the U.S. Department of Health and Human Services, the average length of stay in a nursing home is 2.4 years.That is more than $181,000 per average stay. Paying for long term care out-of-pocket may be an option for you if you can afford these expenses. Of course, the figures above are national averages and long term care services may be less expensive or more expensive in your region. Also, each person's situation is unique and you may save more or less than others. To help provide you with a more complete picture, we've developed tools to help you determine how much you would need to save and to find the average cost of care in your region.
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“Not having a plan for extended care will have an impact on your family, health and your best thought out retirement plan. Living a long life could well be in your future. Planning for it is now a necessity Call Les Robinson to help develop a LTC plan 1-800-836-2040 ext 3014 |
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