Long term care insurance provides daily
assistance for people with chronic, disabling health problems.
That kind of help -- be it home health care, nursing home
care or hospice -- typically is not covered by private health
insurance or Medicare.
- "Medicare will cover my LTC needs"
- "I'll just go on Medicaid
- "I don't want to go to a nursing home"
- "I'm too young to need LTC insurance"
Is LTC Only For The Elderly?
- Approximately 12 million Americans are currently receiving long term care
- About 1.5 million are getting this care in a nursing facility
- Over 85% of care takes place at home or in the community
Financial Need for LTC
- 40% of people needing LTC today are between the ages of 18 and 65
- Strokes are America's #1 disabler, and 1 of every 3 stroke victims is under 65
- How old do you have to be to have a serious accident?
Economic Need for LTC
- Cost of Care
- $50,000 a year for nursing home
- $40,000 a year for home care
- $25,500 a year for assisted living
- All expected to triple in 20 years
- Asset Drain
- #2 reason given for purchasing LTC insurance
- Undesirable Payment Alternatives
- Medicare pays an average 25 days of nursing home care
- Medicaid qualification requires spending down assets
- Few can afford to self insure
- Impact of Baby Boomers
- Social Security
- 40 to 1 in 1945
- 3.4 to 1 in 1995
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