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Long-Term Care Did You Know?
| | > | At age 65, people face at least a 40% risk of entering a nursing home at some point in their lifetime and about 10% will have a stay of five years or longer.(Source: AHIP, A Guide to Long-Term Care Insurance, 2004) |
| | > | Because women generally outlive men by several years, they face a 50% greater likelihood than men of entering a nursing home after age 65. (Source: AHIP, A Guide to Long-Term Care Insurance, 2004) |
| | > | The average daily rate in 2009 for a private room in a nursing home was $219, an increase of 3.3% from 2008. (Source: 2009 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs) |
| | > | The average length of a nursing home stay is about 2.4 years. (Source: CDC/NCHS Health Care in America, Trends in Utilization; U.S. Department of Health and Human Services; January 2004) |
| | > | At an average daily rate of $219, an average nursing home stay of 2.4 years currently costs about $192,000 making it virtually unaffordable for many Americans. |
| | > | Medicare does not pay for long-term care services, as explained in the Social Security Statement mailed to workers each year:
“About Social Security and Medicare...Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance (emphasis added).” |
Without proper planning, a serious accident or illness
could rob you of your financial independence.
Whether purchased for yourself, your spouse or for an aging parent,
long-term care insurance can help protect assets accumulated over a lifetime
from the ravages of long-term care costs. |
Disclaimer: The information, general principles and conclusions presented are subject to local, state and federal laws and regulations, court cases and any revisions of same. While every care has been taken in the preparation, we are not engaged in providing legal and accounting services. This information should not be used as a substitute for the professional advice of an attorney, accountant, or other qualified professional.
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