One of the biggest worries people have as the get older is how they would pay for Long Term Care in Warner Robins GA. The average annual cost of a private room in a nursing home is now about $100,000. Full-time nursing care at home is as much as $170,000 per year. This amount of money would rapidly deplete the savings of most people very quickly.
What is Long Term Care Insurance (LTC)?
The specific coverage varies from one insurer to another, but LTC pays for nursing home or home health assistance that was not paid for by the person’s health insurance, Medicaid or Medicare. It may be surprising to hear, but approximately 40% of the people who are currently receiving LTC are aged 18 to 64. About 70% of people over 65 will need LTC at least once.
5 Common Myths about Long Term Care Insurance
• Some believe that disability insurance and LTC insurance serve the same purpose. They don’t. Disability coverage replaces lost income when a worker is ill. LTC insurance pays for help with bathing, dressing, eating and similar needs.
• It’s true that someone has to spend most of their assets before they can receive LTC benefits from Medicaid. Proper financial planning is helpful, but must be done well in advance of the time that care is needed. LTC can be really useful in this situation.
• It’s not true that almost all LTC takes place in nursing homes. Medicaid covers most nursing home costs after someone qualifies for the program, but Medicaid covers very few home health care services. LTC policies do pay for care received at home. About 65% of the care received by older people with LTC policies are receiving care in their own homes.
• Medicare pays little for care for Alzheimer’s patients. Modern LTC policies do cover care for this common but dreaded condition.
• Most people do not spend several years in a nursing home; the average length of time is 2.4 years. However, it’s impossible to predict how long someone will need nursing home care. Some chronic illnesses and some dementia patients need care for many years. For more information contact Stone Insurance Agency in Warner Robins GA
Before deciding that insuring for Long Term Care in Warner Robins GA is not needed, consider how this care would be paid for if it was needed now. Get more information on LTC policies from Stone Insurance Agency Inc.
