Frequently Asked Questions
What is long term care?
Long Term Care is not medical care. Rather, it is the name we give to a variety of extended personal services. It can range from help with day-to-day activities (such as bathing, dressing and grooming) to the supervision, protection or verbal reminders for someone experiencing memory loss.
How does long term care cost?
Long term care is the most volatile, unpredictable expense most people face over the course of their lives. The cost of long term care varies according to the type of services that are needed, how long the care is required, the setting in which care is delivered (home, assisted living, etc.) and the area in which you live.
According to the national average cost of long term care in 2016 was:
- $19-21 per hour for home care (that works to $58,240 per year for an average of 8 hrs per day, or $175,200 for round-the-clock care)
- $43,593 per year for assisted living
- $82,125 for a shared room in a nursing home ($92,378 for a private room)
Of course, this is in 2016 dollars - the majority of us will not need care until we are much older and the costs are expected to double or triple over the next 30 years.
Who pays for long term care?
Generally speaking, you do. Long term care services are not covered by Medicare, Medicare supplements, Social Security, disability insurance, or health insurance. Medicaid does pay for some long term care, but you have to meet strict low income/asset requirements to qualify.
What is the best age to become a policy holder?
That's a tough question. In 2016, the average age of a new policy holder was 57. The fastest growing age group purchasing long term care insurance is 45-54.
Just like planning for retirement, we don't look at our long term care options when we think we are on the verge of needing care. We begin planning while we are as young and healthy as possible. Premiums are based in part on age and health. However, people can take out policies into their late 70s if they can qualify.
Put simply - get the information now. You decide when the right time is to act.
Isn't the coverage expensive?
I already have a financial planner. Do I still need to meet with a specialist?
What is the Long Term Care Partnership?
Can't I just apply for Medicaid?
Won't my spouse care for me if I'm sick?
How do children affect a need for LTCi?
What if I have a long term care plan through work?
Can't you just send me something in the mail?
Why not get a quote over the internet?
Do I have to have a salesperson come to my home?
What if only one of us is eligible?
What do I look for in a long term care insurer?
How does Medicare work?
What is meant by Medicare Part A & Part B?
What is a Medicare supplement (Medigap)?
How does a Medicare Advantage plan differ from a Medigap Plan?
If any of these questions apply to you, give us a call!