Long Term Care Information-
Making your long
term care insurance needs relevant to your long term
Finding the money to pay for- adult day care centers, home
health services, assisted living facilities, and nursing
homes. The current average rate for a private room at a
nursing home is approximately $180.00 per day, which equates
to $65,700 per year in today's dollars.
If you are 60 and need to use the benefits at age 80 the cost per day will then be approximately $460.00 per day. Yes, $167,900 per year. Kind of crazy, but this is our reality.
Your Options Are
Medicare- the government elderly healthcare program- and Medicaid- the government program for the poor-
Provide Benefits That Are Truly Lacking! 1. Medicare- So What's Covered?
2. Medicaid-Nursing Homes Benefits
Benefits:_Room- board- nursing care-Benefit Periods and Payments_ Room- board- nursing care-
The Only Obvious
Answer Is, Long Term Care Insurance May Be The Only Answer!
Ask Yourself, Will My Coverage Be Sufficient?
The criteria for benefit payment is usually that you are unable to perform a specified number of "activities of daily living": i.e. bathing, dressing, eating, getting from a bed to a chair, remaining continent, using a toilet, and walking.
Some insurers require that you be screened by their
own physician, whose primary charge may be to keep
claims under control.
Elimination periods of 20, 30, 60, 90, or 100 days during which you must pay for nursing home care out of your own pocket are the norm. The longer the elimination period, the lower the premium. Lifetime coverage is available and should be considered early when a family history of chronic diseases is present.
next: Learn About Your LTC Needs!
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