There are many reasons why nursing home insurance or long term care is so important.? Approximately 70% of those reach age 65 will require some type of living assistance in their lifetime.? The average stay in a nursing home is 904 days, almost two and a half years.? The average cost of those 904 days is just under $ 178,000.? Can you write a check for this?? 40% of us pay out of pocket.? 50 percent of all couples and almost 3 quarters of individuals are impoverished in less than 12 months of entering a long term care facility.
There are only three ways to pay for nursing home care:?? Medicaid, your assets, or Long term care insurance coverage.? For people with low income and assets, Medicaid pays for nursing home care.? In most parts of the country 50% to 65% of residents of nursing home have their care paid by Medicaid.?? It is probably not coincidental that nursing homes funded primarily by Medicaid (which offers a very low reimbursement rate) generally offer a lower standard of care when compared to other nursing homes.?
It should be noted that Medicare Insurance (as opposed to Medicaid) does not pay for assisted living expenses.? These policies only pay for a limited amount of skilled nursing care after a qualified hospitalization.? In addition, these costs must be for skilled care and not custodial care.? Three quarters of these costs (as opposed to custodial nursing home costs) are paid by the family.
It takes more than what most people have to pay for a typical stay in a long term care facility, and still leave enough for a surviving spouse?s living expenses and nursing home care.?
As the average retirement ?nest egg? is slightly under $ 350,000, very few families can afford the cost of even one spouse requiring quality personal care, let alone two.? In many cases one spouse becomes ill and needs specialized care.? This can result in leaving the remaining spouse in poverty for the rest of their life.
Experts the need for Long Term Care insurance coverage both for estate preservation reasons and maintaining as high quality of life as possible for the longest period of time.?
Yes, there are some people who will never use Long Term Care insurance ? close to 30%.? Even so, the average long-term care insurance contract bought by a 65-year-old and held until death pays out 82 cents for every dollar of paid.??
Because Long Term Care plans are not standardized and there are such a wide variety of options available for coverage, it? is may not be a good idea to research and buy LTC without help.? It is important to understand which options each insured needs, and be able to able to give you good advice.?? A long term care insurance agent is the best resource to compare contracts, coverage, and endorsements. An independent agent can make sure the policy you purchase is the best plan for you and your family.
The author recommends that you get prices and additional information about insurance for nursing home care and click here for Medigap rates? on his site.? Alston J. Balkcom is a veteran insurance professional with over 25 years of experience as a licensed agent.
There are many reasons why nursing home insurance or long term care is so important.? Approximately 70% of those reach age 65 will require some type of living assistance in their lifetime.? The average stay in a nursing home is 904 days, almost two and a half years.? The average cost of those 904 days is just under $ 178,000.? Can you write a check for this?? 40% of us pay out of pocket.? 50 percent of all couples and almost 3 quarters of individuals are impoverished in less than 12 months of entering a long term care facility.
There are only three ways to pay for nursing home care:?? Medicaid, your assets, or Long term care insurance coverage.? For people with low income and assets, Medicaid pays for nursing home care.? In most parts of the country 50% to 65% of residents of nursing home have their care paid by Medicaid.?? It is probably not coincidental that nursing homes funded primarily by Medicaid (which offers a very low reimbursement rate) generally offer a lower standard of care when compared to other nursing homes.?
It should be noted that Medicare Insurance (as opposed to Medicaid) does not pay for assisted living expenses.? These policies only pay for a limited amount of skilled nursing care after a qualified hospitalization.? In addition, these costs must be for skilled care and not custodial care.? Three quarters of these costs (as opposed to custodial nursing home costs) are paid by the family.
It takes more than what most people have to pay for a typical stay in a long term care facility, and still leave enough for a surviving spouse?s living expenses and nursing home care.?
As the average retirement ?nest egg? is slightly under $ 350,000, very few families can afford the cost of even one spouse requiring quality personal care, let alone two.? In many cases one spouse becomes ill and needs specialized care.? This can result in leaving the remaining spouse in poverty for the rest of their life.
Experts the need for Long Term Care insurance coverage both for estate preservation reasons and maintaining as high quality of life as possible for the longest period of time.?
Yes, there are some people who will never use Long Term Care insurance ? close to 30%.? Even so, the average long-term care insurance contract bought by a 65-year-old and held until death pays out 82 cents for every dollar of paid.??
Because Long Term Care plans are not standardized and there are such a wide variety of options available for coverage, it? is may not be a good idea to research and buy LTC without help.? It is important to understand which options each insured needs, and be able to able to give you good advice.?? A long term care insurance agent is the best resource to compare contracts, coverage, and endorsements. An independent agent can make sure the policy you purchase is the best plan for you and your family.
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