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| David T. Wilson | |
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LONG TERM CARE INSURANCE |
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Our clients may have insured their homes, their health, their car, even their lives. And they have carefully planned their savings and their investments. But all those plans could be wasted if they or their spouse needed Long Term Care. Chances are greater than 50% that each of us will require extended care at home or in a nursing home. A recent survey stated "one in five Americans over age 50 are at risk of needing Long Term Care services during the next twelve months". And, at an average cost of $78,000 a year for room and board plus drugs and care-related supplies, it doesn't take long to wipe out a family's assets. The odds are much higher that home care will be needed more than nursing home care since 85% of Long Term Care occurs at home or in the community. Long Term Care is the greatest health expense older Americans face. This is true because it is the only major health care expense that is not covered by Medicare, Medicare Supplements or conventional group or individual health insurance, including HMO's. And, surprisingly, 40% of those receiving Long Term Care are working-age adults between the ages of 18-64 due to accidents, strokes, brain injuries or tumors, mental conditions, AIDS, multiple sclerosis, muscular dystrophy, etc., and even early onset of Alzheimer's. Medicare only provides short-term recovery benefits for skilled care in a nursing home following a hospitalization and pays nothing for 8-hour shifts at home. And, Medicare Supplements and other private health insurance policies, including HMO's, just provide short-term recovery benefits. Most Long Term Care is of a custodial nature and is not covered, except by the Medicaid welfare program. But to qualify for Medicaid, you must spend most of your assets. Unfortunately, many nursing homes have dropped out of the Medicaid program leaving long waiting lists and limited choices for those remaining. And, legislation severely restricts transferring assets to qualify for Medicaid. Long Term Care insurance is the private enterprise system's solution to this serious problem that threatens the financial security of Americans. This form of insurance provides benefits for all levels of care provided by home health care agencies, assisted living facilities, adult day care centers and nursing homes. Long Term Care insurance is available to people age 18-99. The policies are age-rated and health underwritten. So, the earlier one purchases a policy, the lower the premiums. Another good reason for getting coverage at an earlier age is, once a serious health problem is diagnosed; you may not be able to qualify for coverage. Typical applicants are between ages 40-84. |
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