The Facts About LTC:
70% of Americans turning age 65 will need some form of LTC in their lifetime (www.longtermcare.gov. Jan. 2014)
80 million Baby Boomers started to turn 65 years old in 2011 and we have the largest shortage of paid caregivers in our nation’s history.
There are ONLY three ways to pay for care: Medicaid, a Long-Term Care Insurance policy or with your own assets.
Nationally, Home Health Care providers charge an average of $19/hour and a private room at a Nursing home averages $83,950/year (in 2008, the cost was $67,525).
The 55-65 population accounts for the fastest growing segment of newly diagnosed Alzheimer’s patients in the U.S.
Longevity is on the rise – living a long life doesn’t always translate into living a good life.
WHAT IS LONG TERM CARE INSURANCE?
Coverage that provides home-health care, nursing-home care, hospice and adult day care benefits for individuals who have been diagnosed with a cognitive impairment (Alzheimer’s, dementia or Parkinson’s) or cannot perform 2 of the 6 activities of daily living (ADLs), such as bathing, continence, dressing, feeding, toileting or transferring.