- Approximately 43% of Americans over age 63
will spend time in a Nursing Home and even more
will require care at home. 1
- After age 65 Americans have more than a 70%
chance of needing some form of long-term care.
2
- The cost of long term care can be staggering
and will only continue to rise.
- Medicare only covers long term care for a
short period of time and Medicaid only covers
once you financial qualify as impoverished,
and then usually only in a nursing home.
The notion that family members will provide
the care is increasingly fanciful. As Americans
have fewer children and those children are more
spread around the country, with both spouses often
working, and couples living such active life styles,
the idea that setting aside several years to care
for an aging parent is becoming ever less likely.
When we consider the emotional wounds that are
often created within families as the family members
feel the stress day after day attempting to deal
with this burden its no wonder consideration for
the family is often the main reason people explore
long term care insurance.
Medicaid planning is also flawed. With Medicaid
rarely paying for home health care or assisted
living it is a plan to end up in the one place
most people do not want to be; namely the nursing
home. Also as more and more states deal with Medicaid
as a budget busting issue there is no guarantee
that the government won't make reforms making
it more difficult to shelter assets.
In Long Term Care Insurance there are both group
and individual plans. If you have been offered
either one it would make sense to explore your
options by getting a free no obligation quote.
Click here
to get a free no obligation quote for Long Term
Care insurance.
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