The
Top 10 Reasons You Need Long Term Care Insurance Coverage:
(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.
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