Long Term Care Basics
Long Term Care FAQ
Top 10 reasons for LTC
Rating Insurance Companies
Glossary of Terms

The Facts About Long Lerm Care Insurance: What Everyone Over 50 Should Know:  You are taking an important step towards securing the financial future for you and your family. Your greatest financial risk today and in the foreseeable future is not your hospital or doctor bills, but the very high cost of long term care.

Over 40% of all Americans over the age of 65 will spend some time in a nursing home due to a prolonged illness or disability. That's almost one out of two. Will it be you or your spouse? Your risk of needing long term care is probably much greater than you realize.

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The Top Ten Reasons Why People Need Long Term Care Insurance

10. The government isn't going to pay for long-term care at home, in a nursing home, or in an assisted living center.  Medicare pays 100% of long-term care for 20 days and all but $95.00 per day for the next 80 days--after that nothing.  However Medicare only pays for skilled care and most long term care is not skilled care.

9. The national average cost for nursing homes is approximately $105.00 per day.  Assisted living ranges anywhere from $50 - $90 per day.  If you live on the Eastern Seaboard you can easily spend $50,000 to $80,000 for a year's stay in a nursing home.  These costs are perfectly capable of wiping out a lifetime of savings-not to mention the emotional effect long-term care has on a family.

8. A Harvard University study showed that 69% of single people and 34% of married couples would exhaust their assets after 13 weeks in a nursing home. 13 Weeks = 91 days!.

7. At age 65, a woman has a one out of two chance of spending some time in a nursing home.  A man has a one out of three chance. In the case of men, mortality catches up with morbidity.

6 . Medicaid kicks in only after a person's assets and dignity are gone. In many states the
eligibility threshold for single people is $1,500 in assets.  After all Medicaid is WELFARE.

5. Children would like to help, but children often have children of their own.  They certainly can't quit their jobs to care for their parents.

4. Health rarely improves with age.

3 . People can't buy long-term care coverage at crisis time or when they are ready to use it.

2. American's have access to the best health care in the world, if they can pay for it.

1. Most People want to choose where they go instead of having to go where they are taken, and if independence is important to them, they will need to have either a big estate or adequate

Information quoted directly from:

  • A Shopper's Guide to Long-Term Care Insurance , National Association of Insurance Commissioners.
  • Long Term Care Companion Consumer Guide, Transamerica Occidental Life.