Long Term Care Insurance Questions
| Q. | If I'm healthy, I won't need long term care. Or, will I? |
| A. | The odds are about 50/50 that you WILL need long term care at some point in your life, and you may need it sooner than you think. Today nearly 40% of people needing long term care are working age adults ages 18-64. They may have had an accident, a stroke, developed a serious debilitating illness, etc. While no one hopes they will ever need it, everyone should have a plan for meeting their long term care needs. We believe the best way is through the purchasing of long term care insurance. |
| Q. | Is long term care expensive? |
| A. | Yes, it can be very expensive. It can easily exhaust your savings. According to one recent study1 nursing home costs (for semi-private room and board only) range from $39,875 per year to $187,975 per year depending on location. This is one of the reasons you might decide to buy long term care insurance. |
| Q. | Isn't the government going to pay for my care? |
| A. | Yes, if you become impoverished and have little or no income and spent down most all of your assets, you may qualify for Medicaid. However, it is interesting to note that in 2002, the Federal Government began offering its employees a voluntary payroll deduction option to purchase long term care insurance from two of the "Top Ten" LTCI insurers. |
| Q. | Does my current group/individual health insurance plan already covers long term care? |
| A. | No, in most cases it does not. Most health insurance plans may cover some of the skilled medical services you may need when you can't care for yourself after an illness or injury, but usually for a limited period and only as long as you are showing improvement. Most health plans typically do not cover ongoing chronic care such as an extended stay in an assisted living facility or a continuing need for a home health aide to help you in and out of bed. |
| Q. | If I am 65, won't Medicare cover long term care? |
| A. |
No, in most cases it will not. Medicare is a Federal health
insurance program for people who are age 65 or older, some
people with disabilities under age 65, people with End-Stage
Renal Disease (permanent kidney failure requiring dialysis or
a transplant), and people with Lou Gehrig's disease (ALS,
amyotrophic lateral sclerosis). Medicare will cover the first 100
days of care in a nursing home if: 1) you are receiving skilled
care, and 2) you have a qualifying hospital stay of at least 3
days and enter the nursing home within 30 days of that
hospital discharge. There are also some deductibles and copays
(meaning you have to pay part of the cost). Medicare also
covers limited home visits for skilled care.
It's very important to realize a few things about long term care versus Medicare's coverage:
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| Q. | What is your LTCI agency address? |
| A. |
Asset Protection Network, Inc. 900 Hendersonville Rd., Suite 310 Asheville, NC 28803-9822 |
| Q. | What is your LTCI agency's phone number? |
| A. |
Phone (828) 274-7655 Toll Free 1-800-373-6639 Fax (828) 274-0408 Toll Free Fax 800-573-6639 |
| Q. | Do you have a local representative? |
| A. | APN has developed an extensive directory of licensed LTC Professional Advisors. Please visit our directory at www.assetprotectionnetwork.net. If you do not locate an advisor in your area, please send us an e-mail at agent@assetprotectionnetwork.net and we will locate one for you. |
Footnote
Disclaimer: This information is intended for informational purposes only, and not intended for use as legal advice.
