| (Source: A Shopper's
Guide to Long-Term Care Insurance, National Association of Insurance
Commissioners and the Long Term Care Companion Consumer Guide, Transamerica
Occidental Life.) |
1 |
Medicare only pays
for skilled care not for care with the Activities of Daily Living
(ADL's) and most long-term care is not skilled care. |
2 |
You can easily spend
$50,000 to $80,000 for a year's stay in a nursing home. These costs
can wipe out your lifetime of savings not to mention the emotional
drain on your family. |
3 |
A Harvard
University study showed that 69% of single people and 34% of married
couples would exhaust their assets after 13 weeks in a nursing home.
13 weeks = 91 days! |
4 |
At age 65, a woman
has a 1 out of 2 chance of spending some time in a nursing home. A
man has a 1 out of 3 chance. In the case of men, mortality catches
up with morbidity! |
5 |
Medicaid/Medical
kicks in only after a person's assets and dignity are gone. In many
states the eligibility threshold for single people is $1,500 in assets! |
6 |
Children would like
to help, but children often have children of their own. They certainly
can't quit their jobs to care for their parents. |
7 |
Health rarely improves
with age. |
8 |
People can't buy
long-term care coverage at crises times or when they are ready to
use it. |
9 |
American's have access
to the best health care in the world, if they can pay for it. |
10 |
Most
people want to choose where they go instead of having to go where
they are taken, and if independence is important to them, they will
need to have either a big estate or adequate insurance. |
