Medicare does not cover the cost of long term care and nursing
home care. So get it covered with long term care insurance!
According to the American Health Care Association 9,803,755 Americans
needed long term care in 2010. Four out of every 10 older people
stay in a nursing home at some time, and nearly one in ten will
stay for five or more years (the average stay in a nursing home
is 2 and half years). And if you are lucky enough to live to a ripe
old age then this rises to one in four people over the ages of 85
living in nursing homes.
Now, let me ask you a question. Are you wealthy?
If you are then you won't be for long if you have to pay for this!
The average daily cost of nursing home care ranges between about
$100 a day to over $300 a day. So you are looking at typical annual
charges of between $36,400 and $109,200. And the average cost of nursing homes varies dramatically depending on which state you live in, from $90 a day in parts of Georgia to over $300 in Boston, with the average cost around $192 a day for a private room. (over $70,000 a year). And remember that long
term care is NOT covered by Medicare, so these are expenses that
fall on YOUR shoulders. Given these facts it definitely makes sense
to investigate long term care insurance.
The first thing to bear in mind is that long
term care is generally not covered by most health insurance policies
or disability insurance. So it is something that you need to make
special provision for separately. Discuss your long term care plans
with your family (as they may be involved in caring for you), and
consider the range of options that you may require, from day care,
assisted living facilities or nursing home care. Also remember that
the younger you start any long term care insurance plan, the cheaper
it will be. If you buy a policy in your 40's or 50's then you will
be able to get far more comprehensive coverage then you will if
you wait to buy until later.
Also whatever policy you do decide on make
sure that it keeps pace with inflation. You might not need to use
the benefits at all (hopefully); but if you do then you want to
be confident that your long term care insurance will actually buy
you some long term care! Whatever your current circumstances or
age though this is an area well worth investigating now. The years
have a habit of flipping by all too quickly, and it is always nice
to know that your future health and care is ensured.
The Long Term Care Insurance Cost - Is It Worth It?
You may be wondering if you should invest in long term care insurance.
This relatively new kind of coverage is available in case you need
to have care at home from a medical professional, in a nursing
home, or in an assisted living arrangement.
Ohio Medicaid - A Guide to Medicaid in Ohio
Medicaid is the largest health and long-term care program in Ohio.
It combines funds from both the federal and state levels to help
purchase health care coverage for low income and medically vulnerable
How To Qualify for Medicaid Long Term Care
Most people know that Medicaid provides assistance to people who
couldn't otherwise get medical care, such as the low-income elderly,
disabled, and children of poor families.