Long-term Care

Life has its Surprises - Be Prepared

 

  Long-Term Care
  People don’t end up in a nursing home
  because they have no money.
  They have no money because
  they end up in a nursing home.
         - (Suze Orman)

  When you don't die...You live.
  When you live...you get old.
  When you get old...you get frail.
  When you get frail...you need care.
  Care costs money. What's your plan?
      - (CLTC Founder Harley Gordon)
 

  The cost of a nursing home stay could be $70,000 or more per year.
(The Texas Department of Insurance, October 2007)

What is LONG TERM CARE?
  • Most care does not take place in a nursing home.
  • May be due to illness, disability, or normal aging.
  • Most people need progressively more assistance.
  • May move from care at home to facility, or from facility to care at home after an acute event such as accident or illness.
Who will care for you?
Many people count on their family providing care for them in time of need and typically they do provide informal care. Consider these factors.
  • They are not usually paid for services.
  • Usually provide care in the early stages.
  • Must juggle other family and job responsibilities with the role of caregiver.
  • Involves physical, emotional and financial stress.
Long Term Care insurance does not replace
what the family will do.
It simply enables them to do it better & longer.
(CLTC Course Handbook)

Many people believe that Medicare will pay for their Long Term Care needs. According to the Congressional Budget Office (April 2005) "Medicare's benefits are designed primarily to help beneficiaries recover from acute episodes of illness rather that to provide care for long-term impairment."
 
Long Term care insurance policies are not standardized. There are myriad benefits, terms and options which vary by company and by policy. Your State Partnership Plan may be your best way of protecting your assets from a Medicaid buy down. A financial professional can help you understand and construct a plan that best fits your particular circumstances.
 
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