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Why Consider Long-Term Care


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Changing society - 1 in 7 men and 1 in 3 women who turned 65 in 1990 will spend at least one year in a nursing home. More people will require long term care services and paying for those services may be a serious financial burden for them and their families.


How much does it cost? - Paying for someone to provides a few hours of in-home living assistance each day might be cost $5,000 to $14,000 a year.  One year in a nursing home typically costs between $26,000 and $80,000.


Who pays for these services? - Unless you qualify for Medicaid, usually the patient pays, by drawing on savings or other assets or with long term care insurance coverage. Some people also receive help from their children or other family members, either to provide care or help pay for it.  But most people don't want to be a burden ontheir children.


What about other types of insurance?- Most Health and Disability insurance don't pay for long term care. Medicare and Medicare Supplement policies, pay for hospitalization and other medical expenses. Disability insurance plans are designed only to replace lost wages if an employed person is unable to work. The money from disability insurance will pay for normal living expenses like food and housing, but it is not enough usually to pay for the additional cost of long term care too.


What about Medicare? - Medicare is designed primarily to pay for hospitalization and physician services. Medicare pays for long term care only when "skilled care" is needed and then under very limited conditions and only for a limited number of days.


What about Medicaid? - Although Medicaid does provide extensive benefits for long term care, Medicaid is available only to persons who have no other way of paying. You can't qualify for Medicaid until most of your other assets have been spent.


Protect your independence - Without long term care insurance, savings or other assets must be spent, or people have to rely on their families to either provide the care or help pay for it. With long term care coverage, you know you will be able to pay for care yourself if you need it, without depleting your assets or burdening your family, thereby preserving your independence.


Coverage for then and now - The same long term care protection that will protect you after retirement also will protect you today if you have a serious injury or illness and take a long

time to recover. In fact, about 40% of functionally dependent Americans requiring long term care services are less than 65 years old. These include accident victims and people with disabling diseases that strike young adults, such as multiple sclerosis.