admin left
   Home
   Informational Brochure
   FAQs
   Myths & Truths
   Limitations of Health
Insurance and Medicare
   LTC Tax Incentives
   Contact Form


Contact us:
1-888-825-0229

 
 

FAQs

What is long-term care?
What do long-term care services cost?
How will I pay for long-term care services?
Will my Health Insurance or Medicare pay the bills?
How can long-term care insurance help?
What are my chances of needing Long-Term Care?
What are the odds of my needing long-term care?
What can I do today?


Q. What is long-term care?


A. Long-term care is assistance people need when they no longer can care for themselves. This may be due to an accident, disability, prolonged illness or the simple process of aging. Long-term care services include:

• Help at home with day-to-day activities, such as cooking, cleaning, bathing and dressing

• Care in the community, such as in an adult day care facility

• Supervised care provided in an assisted living facility Long-term care insurance can help pay for the services you need in a setting that's right for you.

Return to top


Q. What do long-term care services cost?

A.
Long-term care services can be expensive, and costs vary widely based on where you live. According to the 2010 Cost of Survey conducted by CareScout:

• The average annual cost for a private room in a nursing home is $82,125

• The average annual cost for a semi-private room in a nursing home is $73,913

• The annual cost for an assisted living facility (private, one bedroom) is $40,725

• The annual cost of an adult day health care facility is $15,080 (based on 8 hours a day, 5 days a week of care)

• The annual cost a home health aide is $48,917 (based on 44 hours per week of care)

• The annual cost of homemaker services is $42,900 (based on 44 hours per week of care)

Return to top


Q. How will I pay for long-term care services?


A. You have a variety of options when it comes to paying for the long-term care services you need. Here are some:

• You can pay for these services out of your own pocket and risk depleting a lifetime of savings.

• You can apply for Medicaid, but you will be required to spend down your assets to meet federal and state requirements in order to be eligible.

• You can purchase an individual long-term care insurance policy.

Return to top


Q. Will my Health Insurance or Medicare pay the bills?


A. Many people are surprised to learn that most health insurance policies, including Medicare and Medicare Supplements, do not cover most long-term care costs. Medicare will not pay for assisted living care and only a limited amount for skilled home care, which is not the ongoing personal assistance most people need. Medicare only pays about 12% of costs for short-term care in a nursing home following hospitalization.

Return to top

Q. How can long-term care insurance help?

A. Long-term care insurance provides benefits to help you pay for the long-term care services you need when you need them. An individual long-term care insurance policy is an important part of your financial portfolio. It can help you to:

• Protect your assets so you have the money to do all the things you planned to do in retirement.

• Preserve your estate so you have something to pass on to your heirs.
Long-term care insurance also can give you peace of mind knowing you can:

• Remain in your home and receive the quality care you need.

• Avoid burdening your family with the responsibility of caring for you.

Return to top


Q. What are my chances of needing long-term care?

A. According to the National Clearing House of Long-Term Care Information (September 2008)

• About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.

• Over 40 percent will need care in a nursing home for some period of time.

• While most people who need long-term care are age 65 or older, a person can need long-term care services at any age.

• Forty (40) percent of people currently receiving long-term care are adults 18 to 64 years old.

• On average, someone age 65 today will need some long-term care services for three years.

• Many people don't realize that their chance of needing long- term care by the time they turn 65 is as high as 70 percent.

Return to top


Q. What are the odds of my needing long-term care?


A. You probably have insurance that protects your home and automobiles. But, the odds of losing your home or auto are not near your chance of needing long-term care - one out of two. Imagine if one out of every two houses in your neighborhood was on fire or, if one out of every two cars was involved in an accident. Given the odds of needing long-term care, many people find the risk worth insuring against.

Return to top


Q. What can I do today?

A. The sooner you begin planning for your long-term care needs, the better.  If your health changes or you’re in an accident, you could become uninsurable.  And, because premiums are based on your age when you apply, the sooner you act, the lower your premiums.  For example: At age 45, you may pay about half of what a 60 year old would pay.

The simple truth is that every day you wait, you remain unprotected, you risk becoming uninsurable and the cost of coverage will cost more.

Long-term care insurance can help protect your assets and also preserve your freedom of choice – the choice to remain independent, not burden family or friends with your care – and a choice to keep a lifetime of savings intact for the things you really want to do.

Return to top



LTC insurance products underwritten by United of Omaha, an affliliate of Mutual of Omaha.



©2010 GoldenCare
Privacy Statement