Weighing the Pro's & Con's of Long Term Care

                         Weighing The Pro’s & Con’s of Long Term Care

 

 

              70 % of People turning  65 years old can expect to need some type of Long Term Care according to the U. S. Department of Health and Human Services.

 

           A one year stay in a nursing home averages more than $87,000 for a private room according to Long Term Insurance Carriers.

 

            In Home ( Long Term Care) which costs considerably less,

            in 2015 is running in the $50,000 a year range.

 

            Long Term insurance reimburses you for the cost.

 

            To receive the benefits of Long Term Care Insurance you

            must be unable to perform at least two activities of daily

            Living:  Bathing, Feeding, Dressing, Toileting for most

            policies.

 

            Make sure to weigh the pros and cons of obtaining Long

            Term Care Insurance. Shop several carriers, speak with

            A Licensed Insurance Producer.

 

            Policies typically range between $3,000 and $6,000 dollars

            a year.

 

            Premiums are based on the following factors:

 

             Sex   ( Male or Female)

             Age   (  40’s, 50’s, 60’s, 70”s  etc)

             Health Status ( Great, Good, Average, etc.)

             Maximum daily benefit( $100.00 , $200.00, $300.00)

             Length of Benefit:  ( 1 year, 2 years, 3 years, 4 years, etc.)

 

     Pg. 2     Weighing the Benefits of Long Term Care Continued

 

 

            Waiting Period Selection: ( 0, 30, 60, 90 days) after the claim is filed & approved. Monthly premiums stop when

            you begin to use your ( Pool of Long Term Care Fund).

 

            ( Example)

            $5,000.00 is the equivalent of one months stay in a Long Term Care Facility in 2014. ( Roughly 167.00 dollars a day). $60,000.00 a year, $120,000.00 in two years.

 

            I recommend you look at a policy covers at least

            ( $200.00- $300.00) Daily  benefit. It’s 2015 you can design your own plan.

            * make sure it includes inflation protection for at least three years.

 

            In most states you are typically allowed to keep around $100, 000 in assets depending on your state of residence.

 

            If you own a ( Partnership Long-Term Care Policy) with a

            Maximum benefit of $500,000, you would be typically

            Able to keep $500,00 of your assets after your long term

            Care insurance runs out and still be able to qualify for Medicaid. Health care costs rise about twice the rate of general inflation.

          

           Contact a Licensed Illinois Life & Health  Agent for more information.