Won’t
Medicare pay for my long term care?
This is a common misconception. Medicare was not designed
to cover long term care expenses - it pays for some skilled
nursing facility and home health care expenses, after
a brief hospitalization. Medicare currently only pays
for approximately 2% of all nursing home and home health
care services. A recent survey by AARP showed that 60%
of its members believe that Medicare will be the primary
source of financing for their long term care needs. Medicare,
on the other hand, specifically points out in its guidebook
of benefits that a person should not depend on Medicare
as a primary source for long term care assistance. Medicare
may also not be around when you need assistance. Some
experts predict that Medicare Part A will run out of money
in 2008.
Will
Medicaid provide for my long term care?
Medicaid is intended as safety net for the poor. In order
to qualify for Medicaid, you must divest yourself of assets,
which means spending down to the poverty level.
Can my family provide long term care?
Yes, nearly 1 in 4 households - some 22.4 million US families,
provide care for elderly relatives.4 Studies have shown,
however, that 67% of children become clinically depressed
while taking care of their parents. We are living longer
and healthier lives than ever before. With this comes
the effects of aging and longevity - reduced physical
or mental ability. You can help prevent the emotional
and financial burden that disability can place on a family
with Long Term Care Insurance.
Is Long Term Care insurance for everyone?
Before purchasing of a long term care policy, you need
to consider the following factors with your agent:
• Your net worth
• The potential out-of-pocket costs for long term
care
• The premiums for the policy
A Medicoverage agent can help you with this process.
Additional
Considerations:
Since women tend to outlive men, they are likely candidates
for long term care. In fact, 75% of the current “over-65”
nursing home population is comprised of women6 Women live
an average of 5 to 7 years longer than men and are more
likely to need long term care services for an extended
period of time. Children of aging parents might want to
consider long term care insurance for their parents. If
long term care services are ever needed, it can enable
children to ensure quality care for their parents as well
as avoid the time, cost and emotional demands of caring
for their parents themselves. People with a family history
of debilitating illnesses such as Alzheimer’s or
strokes should consider purchasing a long term care policy,
for obvious reasons. The most important thing to remember
is this: the longer you wait to purchase a long term insurance
policy, the more expensive it will be. Procrastination
is your enemy. Speak with a trusted financial medicoverage
agent today at 1 888 285 MEDI.. Don’t wait until
you need long term care because then it will probably
be too late.
