Long Term Care Insurance
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THE NEED FOR LONG TERM CARE INSURANCE
The need for long term care may begin gradually as you need more and more help with your activities of daily living. This may be as a result of aging or due to one of many diseases such as
Parkinson disease, Multiple-Sclerosis or Alzheimer's;
Or you may suddenly need long-term care as a result of an accident or major illness such as a stroke or heart attack. Considering the increase in life expectancy beyond age 65 (17.9 years) chances increase that as people age they will have developed a chronic condition or physical or cognitive disability for which they will require assistance. For example, almost 38% of people age 65 and older are diagnosed with a severe disability, and 47% of those aged 85 and older have Alzheimer's Disease or other forms of dementia.
Top Ten Conditions Requiring Long Term Care
1. Alzheimer's disease, related dementia
2. Cancer
3. Stroke
4. Parkinson's disease, other neurological conditions
5. Arthritis
6. Heart Attack
7. Other injuries (fractures)
8. Emphysema, other respiratory diseases
9. Diabetes
10. Mental, nervous, other Alzheimer's related conditions
Under long term care insurance ( pg. 1 ), delete all info on HIPPA)
The U.S. Department on Aging estimates that 40% of those over the age of 65 will face at least one stay in a long-term-care facility. If you and your spouse are both over 65, the chance that at least one of you will face a long-term stay rises to 70%.
Nationally the average daily cost for a private room in a nursing home is $192.00 or $70,080 annually. The average daily rate for a semiprivate room in a nursing home is $169.00 or $61,658 annually. The average hourly rate for a Home Health Aides provided by a home care agency is $18 per hour; and with inflation at a rate of almost 6% a year, the cost will double in ten years. Long-term care is the single biggest threat to whatever wealth an older person has.
Medicaid pays 50 percent of expenses for long term care nationwide, but it pays only to help the "justifiably poor". Those who have already spent down
their assets to be at or below their state's poverty level. Medicaid pays only for skilled nursing care (care provided by registered nurses and supervised by physicians) the least used form of long-term care. It
does not pay for intermediate or custodial care that most nursing homes provide or for home health care, the fastest growing type of care.
THE LONG TERM CARE SOLUTION
Our
goal is to help answer some of your Long Term Care questions and help you shop for Long Term Care Insurance.
Long Term Care insurance can help you and your family to maintain your financial independence if you have purchased a policy which gives you enough protection to do so. In general, you should purchase as much coverage as you can reasonably afford. Your goals and the goals of long term care insurance should be compatible. A wide variety of long term care insurance policies underwritten by some of the very best insurance companies are available from some of the top insurance companies in the country.
Determine your needs, then shop wisely.
Long Term Care insurance is one other way you may pay for long-term care. This type coverage will pay for some or all of your long-term care services. You can buy Individual Policies or policies through your employer. In shopping individual policies you will find that the benefits can be quite different from one company to the next. Be sure to shop companies to find what coverage best fits your needs. Your employer may offer a group long term care plan or individual policy at a group discount. One advantage of an employer group plan is you may not have to meet any medical requirements to get a policy; Although the cost is generally higher with an employer group plan, it can be well worth the difference if you have medical problems. If you have good health, I would strongly suggest your comparing individual plans to your group sponsored plan.
Types of Policies You Can Buy include "tax qualified" and "non-tax qualified"
Long term care policies. There are important differences between the two types of policies. These differences were created by the Health Insurance Portability and Accountability Act. A federally tax qualified plan offers certain federal income tax advantages. If you have a tax qualified plan and itemize your deductions, you may be able to deduct part or all of the premium you pay for the policy. You may be able to add the premium to your other deductible medical expenses. You may then be able to deduct the amount that is more than 7.5 % of your adjusted gross income. Regardless of which policy you choose, make sure you understand how the benefits and triggers work.
Whether you are considering buying a tax qualified or a non-tax qualified policy, consult with your tax consultant or legal advisor.
Long term care insurance has two interrelated purposes:
- To protect the lifestyle of your spouse and/or family from the high cost of long term care; and,
- To protect your assets for your heirs. Long term care insurance can help you and your family to maintain your financial independence
Click here for more Long Term Care Information from NAIC
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