RISK COMPARISON
How does long
term care compare to other common risks?
For Every 1,000 People...
5 will have a
7 will have an
600 will need
house fire
auto accident
long term care
Average loss is Average loss is
Average loss is
$3,428
$3,000
$105,000
Chances are you carry insurance to protect
yourself from the 5% chance of a house fire, and from the 7% chance of an
auto accident.
Doesn't it make sense to carry long-term care insurance to protect yourself
from the overwhelming cost when there is a 60% chance you will need it?
LONG TERM CARE
THE FACTS
The average cost to stay in a nursing home today is about $100 per day,
with the average length of a stay at 3 years. Undoubtedly the financial
burden is overwhelming to say the least.
There are many misconceptions people have about long term care.
One of the most common misconceptions is the idea that Medicare will
pay for their nursing home stay; this idea couldn't be further from the
truth. Medicare and Medicare Supplements will pay for 100 days of
SKILLED NURSING only, however the majority of people in nursing
homes are in what they call custodial care, not skilled nursing. Medicare
does not pay a dime for custodial care.
Another common misconception people have is that they can just give
their assets away to their loved ones and then go on to Medicaid. In the
early 90's laws were passed to make it harder to go onto Medicaid by
giving away their assets. They can now go back as far as 5 years on assets that
were given away. KEEP IN MIND THAT THIS IS A FORM OF WELFARE FRAUD!
Probably the biggest misconception is that most people believe they will
never need long term care. Have you ever heard anyone say, "I'll never need to
go to a nursing home"? That's exactly what most of the people that are in them
now said. The truth is, as we are living longer than past generations, often
times into our 90's and even 100's, our chances of needing some type of long
term care in our life is dramatically increasing. Another thing to keep in
mind is that as the "baby boomers" reach retirement age more and more people
will be going into nursing homes. This will put a HUGE burden on the
already under-funded Medicaid system unless more people start covering the cost
privately. Medicaid is the single largest
public source of funding for long-term care in the United States, accounting for
more than 38 percent of total long-term care expenditures in fiscal 1996.
Medicaid spending for LTC more than doubled from fiscal 1987 through fiscal
1997, rising from $21.1 billion in fiscal 1987 to $56.1 billion in fiscal 1997.
We do have the power to choose to protect ourselves from the overwhelming
financial burden brought about by long-term care. We work hard all of our lives
to build what we have, there is just no sense in letting it all go to a nursing
home in the matter of just a few years.
We have several different types of long-term care plans with many different
options to help fit your personal needs. We even have policies that will return
every penny you put into the policy to your beneficiary if you don't use it. To
make a long story short, the protection is there, but if you don't use it the
insurance company gives it BACK! And because we go through several different top
name companies you can be certain that you will get the best coverage for the
best price available.
Get A No-Obligation Quote Now!
