"Only put off until tomorrow what you are willing to die having left undone." Pablo Picasso
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LONG-TERM CARE
What is it?
Long-term care insurance helps you pay for your extended medical needs in a nursing home facility or in the comfort of your own home.
Who needs it?
Long-term care insurance should be an important part of every family’s planning. While we’d like to think that we will never need long-term care, or that we could easily afford it the statistics suggest otherwise:
According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements.
What is it?
Long-term care insurance helps you pay for your extended medical needs in a nursing home facility or in the comfort of your own home.
Who needs it?
Long-term care insurance should be an important part of every family’s planning. While we’d like to think that we will never need long-term care, or that we could easily afford it the statistics suggest otherwise:
- 70 percent of people over age 65 will need some type of long-term care services during their lifetime.
- 3 years is the average duration of long-term care needed per individual.
- $91,250 is the average annual cost of private nursing home care.
- $80,300 is the average annual cost of at-home nursing care.
According to the Department of Health and Human Services, Medicare only pays for long-term care services for a maximum of 100 days, with a copay after the 20th day, and only if you meet certain criteria. Medicaid does pay for long-term care, but only if your income is below a certain level, and you meet state requirements.