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Long Term Care Basics

Long Term Care in Depth


Long Term Care Basics

Long-term care insurance, an insurance product sold through a licensed insurance agent (one who represents the insurance company) or an insurance broker (one who represents the policyowner) helps provide for the cost of long-term care beyond a pre-determined period.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are old and frail and unable to perform some of the basic activities of daily living such as dressing, bathing, eating, toileting, getting in and out of a bed or chair, and walking.
As an individual ages, there is an increased risk of needing long-term care to help assist with these daily needs. Medicare will not cover the expenses of long-term care, but Medicaid will for those who can not afford to pay.


Projected Cost of Care
  Today   $150   $54,750
  10 Years   $244.28   $89,162.20
  20 Years   $397.84   $145,211.15
  30 Years   $647.97   $236,509.05
  40 Years   $1056   $385,440.00
All number include a 5% compound inflation factor
Eight hours of home care / one day in a private room in an assisted care facility


It Can Happen at Any Age

Many people don't realize that the need for long term care can strike at any time. Statistics show that 40% of people receiving long term care services are working age adults, between the ages of 18 and 64.1 Would you be prepared for long term care, if you suddenly required it?

What It Is and What It Isn't

What It Is
Long term care is the type of care that you may need if you can no longer perform "activities of daily living" by yourself, such as eating, bathing or getting dressed. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer's disease. Care can be received in a variety of settings, including your own home, assisted living facilities, adult day care centers or hospice facilities.

Long term care can be covered completely or in part by long term care insurance. Most plans let you choose the amount of the coverage you want, as well as how and where you want to use your benefits. A comprehensive plan includes benefits for all levels of care, custodial to skilled.

What It Isn't
Long term care isn't the type of care that you receive in the hospital or your doctor's office. It isn't the medical care you need to get well from a sickness or an injury. It isn't short-term rehabilitation from an accident or recuperation from surgery.

Long term care is not always administered in a nursing home. In fact, more than 80% of all people receiving long term care assistance are not in nursing homes.

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