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Long-Term Care Insurance
What is Long-Term Care?
Long-term care is the help you may need if you are unable to care for yourself because of a prolonged illness or disability. People often think of long-term care as being given in a nursing home. In fact, the term now refers to a whole variety of private and semi-private care situations and services, including in-home care, assisted living, adult residential care and nursing facilities. The trend is toward home health care options which provide the opportunity for a person to live comfortably in their preferred environment.
Is Long-Term Care Right for You?
As we plan for the future, some suprising facts need to be considered:
- 81% of American families have already faced a long-term care crisis or expect to face one in the near future
- American women face a 50% greater likelihood than men of entering a nursing facility after age 65
- For each person needing long-term care in a nursing facility, there are three persons being cared for in their own home
- Today, one year of care in a nursing facility costs an average of $40,000 and the average cost of in-home care is $20,000 per year
Persons who have attended Long-Term Care Insurance seminars indicate their top two concerns are:
- "As I age, I fear becoming dependent on close family members and/or friends for my personal care."
- "If I ever need long-term care, I want the financial freedom to choose where and how I'll receive it."
What about Medicare and Medicaid?
It is a common misconception that Medicare and Medicaid will cover the costs of long-term care. In reality, there are four basic ways that long-term care is paid in Kansas:
- Private Pay
- Long-Term Care Insurance
In Kansas, Medicaid pays for over 55% of all nursing facility care. Over 40% of all nursing facility expenses are paid out-of-pocket by individuals and their families. Medicare may cover some long-term care costs, but that coverage is usually only for short periods of time. The balance is paid by Long-Term Care Insurance.