Why do I need Long Term Care?
- Medicare and including all Major Medical Plans have scaled back
their coverage for skilled care. Requirements to receive custodial
care or non-professional care care have become stringent. Maximum
number of days per confinement that can be paid by medicare and a
supplement is only 100 days.
- Average Long Term need is approximately 2.5 years. However, a cognitive
impairment such as Alzheimer's may require as many as 15 years of
care.
- Average cost of home care can be $15.00 per hour. Average cost
of Facility based care is approximately $3600.00 per month.
- Medicaid planning can be very dangerous. "Spending Down" resources
is required and transferring assets can be countable if not done
correctly.
How can a Long Term Care plan help me?
- Can protect assets
- Can take burden off of loved ones
- can give a freedom of choice
- Can provide a piece of mind
What do I look for in a plan?
- Is it guaranteed renewable?
- How long has the company sold Long Term Care Plans?
- Is there an inflation rider?
- Does the premium exceed 7.5% of my income? If it does you may
want to reconsider
- Is there a waiver of premium if I need to use the plan?
- Can family or loved ones help with my care? (some plans allow
this care)
- Is the home care benefit 100% of the confined care benefit?
- What benefit periods are available?
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