| What is Long Term Care?
Long Term Care provides for the day-in, day-out assistance
you need when a serious illness or disability renders you
unable, physically or cognitively, to care for yourself for a
lengthy period of time. Long term care can be provided at home
or at a nursing facility, assisted living or alternate care
facilities.
Is Long Term Care right for you?
The average cost of nursing home care in New York State
(except metro NY area)
is about $$230 per day. The average stay is 2˝ years.
1 in 5 require care for 5 years or longer.
(Department of Health and Human Services)
The average individual can spend up to $84,000 for long
term care expenses today. (July 2004)
|
If Costs Go Up At: |
3%/YR |
5%/YR |
7%/YR |
| Cost in 10 YRS |
$ 99,000 |
$110,000 |
$140,000 |
| Cost in 20 YRS |
$232,000 |
$261,000 |
$416,000 |
| Cost in 30 YRS |
$411,000 |
$585,000 |
$960,000 |
Assisted Living costs are about 1/2 of Nursing Home costs.
What about Medicare and Medicaid?
Many people believe that Medicare will pay for long stays in a nursing
home, but it doesn’t. The Federal Medicare program and private “Medigap”
(Medicare supplemental) insurance only cover short times of home health or
nursing home care. They pay for a short stay in a nursing home for someone
who is getting better after leaving the hospital, but still needs nursing
care and therapy.**
What about home health care insurance?
The cost of home care may be greater than the cost of nursing home care
if you require around-the-clock services. The question you need to answer:
Do you have a support system such as your family to help you? Home
health care insurance pays for intermittent services, usually provided at
8 hour intervals, if the primary care-giver, usually a spouse or child,
can provide care for the other 16 hours.
UNLESS SOMEONE HAS
VERY LITTLE MONEY OR A HUGE AMOUNT OF IT ...
WHO CAN AFFORD NOT TO OWN LONG TERM CARE INSURANCE??
Let us help you maintain your independence, control
your choices, and never be a burden.
And did you know that your business can pay and deduct
the premium with
no income pass through to you?
Contact Us and Let Us Show You How! |
