10. The government will not pay for long-term care at home, in a nursing home or in a residential care centre. Medicare pays 100% of long-term care for 20 days and all but $95.00 per day for the next 80 days – nothing after that. However, Medicare only pays for skilled care, and most long-term care is not skilled care.
9. The national average cost for nursing homes is about $105.00 per day. Assisted living ranges from $50-$90 per day. If you live on the East Coast, you can easily spend $50,000 to $80,000 for a year’s stay in a nursing home. These costs are perfectly capable of wiping out a lifetime’s worth of savings, not to mention the emotional effect that long-term care has on a family.
8. A Harvard University study showed that 69% of single people and 34% of married couples would use their assets after 13 weeks in a nursing home. 13 weeks = 91 days!.
7. By age 65, a woman has a one in two chance of spending some time in a nursing home. A man has a one in three chance. In men, mortality overtakes morbidity.
6. Medicaid only kicks in after a person’s possessions and dignity are gone. In many states, the eligibility threshold for single people is $1,500 in assets. After all, Medicaid is WELLBEING.
5. Children want to help, but children often have children of their own. They certainly can’t quit their jobs to take care of their parents.
4. Health rarely improves with age.
3. People can’t buy long-term care coverage in times of crisis or when they’re ready.
2. Americans have access to the best health care in the world, if they can afford it.
1. Most people want to choose where they go rather than have to go where they are taken, and if independence is important to them, they will need a large estate or adequate insurance.
Information quoted directly from:
* A Shopper’s Guide to Long-Term Care Insurance, National Association of Insurance Commissioners.
* Consumer Guide to Long-Term Care, Transamerica Occidental Life.