Do you have a plan for your long-term care?
What is long-term care?
Long-term care is the assistance given to anyone who needs help with normal activities of daily living (ADLs) – such as eating, bathing, dressing, transferring, or continence. It’s also the supervision of persons with cognitive impairment, such as Alzheimer’s disease. Long-term care services may be provided at home, at an assisted living facility, at an adult day-care center, or in a nursing home.
Sixty percent of Americans over the age of 65 will need long-term care in their lifetime.
Source: Washington Post, April 1996
Nearly 50% of Americans will spend some time in a nursing home after age 65.
Source: “ Long Term Care. Knowing the Risk. Paying the Price” Health Insurance Association of America, 1997
One in five Americans over age 50 will need long-term care services in the next 12 months.
Source: Harvard School of Public Health and Louis Harris & Associates, Long-term Care Awareness Survey, January 6, 1996 page 2
What are the costs?
The annual cost of a nursing home stay exceeds $69,000, but it is not unusual for an individual to pay more than $100,000 per year in some nursing homes.
A single occupancy assisted living studio apartment would cost approximately $34,000 per year.
Two hours of skilled care from a nurse in your home, three times a week averages $25,000 per year. Two hours of personal care three times a week averages $7,800 per year.
Source: “Your Options for Financing Long-Term Care: A Massachusetts Guide” Published by the Massachusetts Division of Insurance Can I really receive long-term care at home?
Yes! More and more, professional long-term care services are being delivered right at home. This care can include a broad range of services, ranging from help with daily activities (such as bathing or dressing) to skilled nursing care. But without private long-term care insurance, these services might not be available to you.
The myth of government help.
Many people assume that Medicare and Medicaid will provide for their long- term care. The reality is that Medicare will cover only acute-care needs. Little or no in-home expenses are covered. And, to qualify for MassHealth (Medicaid), you must spend down your assets to the poverty level – only about $2,000 in Massachusetts!
Isn’t there any good news? Yes! The laws governing MassHealth (Medicaid) currently state that if you purchase a qualifying long-term care policy, providing benefits of at least $125 a day for two years, your home will be exempt from a Medicaid lien. It will be there for your heirs even if you do eventually need Medicaid assistance.
Is long-term care insurance right for me, or other family members?
Long-term care insurance is not for everyone.
It must be affordable for you now and in the future.
The proposed insured must be reasonably healthy in order to qualify for coverage.
We at The Braley Wellington Group represent the major Long-Term Care insurance providers and have access to their specialists. Call Bill Braley to arrange a no-obligation consultation so you can find out if Long-Term Care is right for you and your family.
Email Bill Braley with regards to Long Term Care Coverage