Do You Know Who Will Take Care Of You
When You Are Unable To Take Care Of Yourself?
A Long-Term Care insurance provider can prove a difficult task to find. With many of us living longer and facing the consequential decision of whether to purchase long-term care insurance, it is vital to find a provider that will meet our specific needs. Most people purchase long term care insurance to protect assets, independence and to provide quality care. Long-term care insurance provides a pool of money for your care when you no longer can take care of yourself. It can pay for home care, assisted living facility care or a nursing home. An analysis of your needs and goals can help you decide if long-term care insurance is right for you.
"No well-planned retirement should be without long term care insurance. It's the cornerstone of retirement security."
— Suze Orman, You've Earned It, Don't Lose It: Mistakes You Can't Afford When You Retire
"You wouldn't go without homeowners insurance, so why not insure against the greater risk with long term care insurance?"
— Terry Savage, The Savage Truth On Money
WILL I NEED IT AND WHAT DOES IT COST?
A 2015 study from the Department of Health and Human Services found that seniors who require long-term care will need $138,000 worth of long-term support services, on average. While insurance and public programs will cover about half of these costs, the study also estimated that about 17% of seniors will pay over $100,000 out of pocket on long-term care expenses. Currently, the median national monthly cost for nursing home care is $7,756 for a semiprivate room and $8,821 for private care, and costs may go up significantly in the coming decades.
— Suze Orman, You've Earned It, Don't Lose It: Mistakes You Can't Afford When You Retire
"You wouldn't go without homeowners insurance, so why not insure against the greater risk with long term care insurance?"
— Terry Savage, The Savage Truth On Money
WILL I NEED IT AND WHAT DOES IT COST?
A 2015 study from the Department of Health and Human Services found that seniors who require long-term care will need $138,000 worth of long-term support services, on average. While insurance and public programs will cover about half of these costs, the study also estimated that about 17% of seniors will pay over $100,000 out of pocket on long-term care expenses. Currently, the median national monthly cost for nursing home care is $7,756 for a semiprivate room and $8,821 for private care, and costs may go up significantly in the coming decades.
Overwhelming Statistics
40% receiving long-term care are working-age adults, ages 18-64.
If you turn 65 today, you'd have a 70% chance of needing some type of long term
care in the future. By 2024, this number is expected to exceed 15 million. Women spend 2.5 years in long-term care on average, while men spend an average of 1.5 years in long-term care.
40% receiving long-term care are working-age adults, ages 18-64.
If you turn 65 today, you'd have a 70% chance of needing some type of long term
care in the future. By 2024, this number is expected to exceed 15 million. Women spend 2.5 years in long-term care on average, while men spend an average of 1.5 years in long-term care.
National average cost per year for 2023:
(Costs vary based on need and location)
(Costs vary based on need and location)
|
$19,236
Part-time care at adult day care center |
$51,600
Assisted Living Facility |
$54,912
Home Health Aide |
$93,072
Nursing home (semi-private room) |
$105,852
Nursing home (private room) |
Costs are covered in four ways:
Out of Pocket
Cover all costs yourself.
Cover all costs yourself.
Medicare
May pay in full for up to 20 days of care in a skilled nursing facility and in part for up to 100 days. After that, you’re on your own. Even during that brief period it doesn’t cover home health aides or assisted living, in most cases. Also, Medicare is designed to pay for skilled care; it will not pay for personal care services unless you are also getting skilled care such as nursing or therapy, and the personal care must be related to treating an illness or injury.
May pay in full for up to 20 days of care in a skilled nursing facility and in part for up to 100 days. After that, you’re on your own. Even during that brief period it doesn’t cover home health aides or assisted living, in most cases. Also, Medicare is designed to pay for skilled care; it will not pay for personal care services unless you are also getting skilled care such as nursing or therapy, and the personal care must be related to treating an illness or injury.
Medicaid
Pays for nursing home care and some home care for low-income individuals. To qualify for Medicaid, you must meet stringent limits relative to income and assets. In most cases, the Medicaid recipient must spend down assets to around $2,000, and all income earned (except around $30 a month) must be used to pay for services. Medicaid will then cover the excess cost.
Pays for nursing home care and some home care for low-income individuals. To qualify for Medicaid, you must meet stringent limits relative to income and assets. In most cases, the Medicaid recipient must spend down assets to around $2,000, and all income earned (except around $30 a month) must be used to pay for services. Medicaid will then cover the excess cost.
Long Term Care Insurance
Protects your assets by paying for covered expenses up to predetermined amounts. Depending upon your plan, it can pay for a wide variety of home, community-based, and facility care services not covered by government programs.
In 2017, long-term care insurance paid out more than $3 billion total in claims to over 100,000 individuals. The average benefit covers $65,756 in long-term care costs, but averages vary at different types of long-term care facilities.
Protects your assets by paying for covered expenses up to predetermined amounts. Depending upon your plan, it can pay for a wide variety of home, community-based, and facility care services not covered by government programs.
In 2017, long-term care insurance paid out more than $3 billion total in claims to over 100,000 individuals. The average benefit covers $65,756 in long-term care costs, but averages vary at different types of long-term care facilities.
- For nursing homes, the average individual claim size is $63,751.
- For assisted living facilities, the average individual claim size is $93,635.
- For home-based care, the average individual claim is $43,467.
"One Of The Most Important Decisions You Will Make For Your Family..."
Traditional Long Term Care Insurance Carriers We Represent
Asset Based Linked-Benefit Care Solutions Carriers
JB Insurance Solutions, Inc
1 Mandarin Terrace, Safety Harbor, FL 34695
727-724-9451 Phone
727-754-5325 Fax
1 Mandarin Terrace, Safety Harbor, FL 34695
727-724-9451 Phone
727-754-5325 Fax