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Direct Information From The Specialists In Long Term Care
Specialists In Long Term Care Insurance Services, Inc. markets
the highest quality long term care programs available today,
our representatives are provided with superior support enabling
them to offer the most up-to-date information about this vital
insurance coverage. (License: 0795155)
The Aging Face Of America
As we approach another year, a national crisis is being played out
in the homes of average families all across America. You are contributing
to the crisis if you watch your cholesterol, take vitamins, exercise
and see your doctor regularly, because you are increasing the
odds that you will live longer. In America, seniors will represent the
largest demographic group in the country. Life expectancy has increased to nearly 80 years old and the
longer we live the more we become susceptible to frailties and illnesses
that increase the possible need for long term care.
The Need For Care
Most Americans usually have two major misconceptions about long term
care. The first thought, "It will never happen to me", borders on wishful.
According to a study published in The New England Journal of Medicine,
a staggering 43 percent will enter a nursing home at some time before
they die. Of these, 55 percent will stay at least a year and 21 percent
will stay at least five years, with the average stay lasting two and
a half years. Plus, many more will need care at home.
The second misconception is that if care is needed, government programs
will protect them from financial devastation. Unfortunately, the average
cost of a year in a nursing home, nationwide, is about $72,000. "by the
year 2010 that number is expected to rise to over $83,000 per year".
Who pays for this care? Surprisingly, Medicare has paid less than
9.4% of these costs. Although Medicare serves the acute needs of older
Americans, it was not intended to cover chronic long term needs.
Long term care is a leading cause of catastrophic out-of-pocket health
care costs for the elderly.
The Solution: Long Term Care Insurance
Another method of paying for long term care, that you or a family
member may need, is the purchase of private long term care insurance.
Long term care insurance pays a certain dollar amount per day for a
set number of months or years of skilled, intermediate or custodial
care. It will pay for the service and support required for day-to-day
living when frailty, prolonged illness or disability prevents you from
caring for yourself. Depending on the policy you purchase, care can be
provided not only in a nursing or assisted living facility, but in
your own home or in an adult day care center.
Under age 65, your risk of disability is greater than your risk of death.
Long term care insurance is available to people of all ages. The
policies are age related and health underwritten. So, the earlier
one purchases a policy, the lower the premiums. Many persons assume
that only senior adults may need long term care because they can
no longer perform everyday activities on their own such as bathing
or dressing. But the fact is that anyone at any age may suddenly
require long term care services. Surprisingly, almost 40% of those
receiving long term care are under 65 due to accidents, mental
conditions, AIDS, Multiple Sclerosis, Muscular Dystrophy, etc.
The decision to purchase a long term care insurance policy and the
type of policy selected depends on many factors. For example,
significant differences exist among policy features, benefit options
and eligibility criteria. Choosing among these options can present
you with a significant challenge and requires your careful consideration
of a number of factors related to long term care risks and your
individual needs.
Considering your own families' health history can be a starting
point. If your relatives are long-lived, there's a good chance
that you may have a greater life expectancy and will someday
need assistance. Another concern would be if your family has a
history of stroke, Alzheimer's or Parkinson's disease, ailments
that typically require long term care.
Policy Choices and Benefit Options
The importance of looking for a flexible plan that allows you
to design a policy that not only addresses your budget, but also
assists you in maintaining maximum independence when care is
needed, cannot be emphasized enough.
Insurance companies, offering more choices, will have expanded their definition of qualified nursing care providers to include hospice and Christian Science facilities as well as the possibility of receiving care in an Alzheimer's or assisted living setting that meet certain criteria.
| NURSING FACILITY ONLY: |
These policies pay for skilled, intermediate or custodial care in a nursing home or similar facility. Some policies also cover care in a residential care facility for the elderly or a hospice. |
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| HOME CARE ONLY: |
These policies pay for care in your own home. They include home health care, adult day care, personal care, homemaker services, hospice and respite care. |
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| COMPREHENSIVE LONG TERM CARE: |
These policies pay for long term care provided at home or in the community as well as nursing facility care. |
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Choosing Your Daily Benefit Amount
Insurance companies offer policyholders a choice of daily benefits,
usually $50 to $500 a day for care. Before deciding on a daily benefit
amount, you should consider how much nursing facilities in your area
charge. If home care is covered as part of your policy, the benefit for those
services should be at least one-half of that for nursing facility care.
Choosing Your Deductible Period
With all long term care policies, you'll need to choose a specific deductible
period or elimination period. This is the number of days you must pay out-of-pocket
for either nursing home or home health care before your insurance policy
takes over paying the daily benefit you have chosen. These deductibles typically
range from zero day deductible up to a 365-day deductible. Since longer deductibles lower insurance premiums, you'll need to weigh the savings to determine what is best for you.
Choosing Your Benefit Period
Another choice you will be asked to make is the length of time your benefits will last. Benefit periods may run for one year, two years, three years, four years, five years and lifetime. many nursing facility stays can be as short as three months or as long as several years. Keep in mind, that, even if you are able to leave the nursing home, you may still require home care services.
Call 1-800-764-6585 To Explore Your Options Now
Online Request
Contact Us By Mail
Member Extra, Inc.
PO BOX 60011
Arcadia, CA 91066-6011
Contact Us By Phone
Call 1-800-764-6585 toll-free.
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