Long Term Care
We all get old; it's a fact of life. The question is, will you be able to afford long term nursing care should you eventually require it? Did you know that over 40% of all Americans who are over the age of 65 will spend some time in a nursing home due to some form of prolonged illness or disability? Currently, 1 year in a nursing home is estimated to cost somewhere between $36,000 & $60,000, with a national average of $41,000. Some people are of the mindset that Medicare/Medicaid/Health Insurance is enough to provide long term care, however, these people are unaware that Medicaid is simply a welfare program, and that health care & Medicare combined pay only about 3% of the costs of long term care. (Medicare is a program that has eligibility requirements, but for skilled nursing care only. It only covers a limited period of time.)What is Long Term Care?
- Skilled nursing care or rehabilitation training either in a nursing facility or at home.
- Coverage for daily care ranging from eating & moving, to bathing & dressing.
- Coverage for cognitive impairments such as Alzheimer's/dementia.
- Health Insurance & supplemental programs such as Medicaid & Medicare DO NOT cover any kind of nursing home care.
- Individuals pay most of long term care costs through their savings, assets & cash.
> > > Compare and contrast Long Term Care with standard LIFE INSURANCE
