Have you thought about how you will pay for long-term care expenses, should that day come? Have you considered what long-term care really means and just how expensive it can be? Regardless of your health status and personal situation, it’s imperative that you obtain some sort of long-term care insurance to protect you, your family and your assets. It’s currently estimated, according to a recent Consumer Reports article, that 70 percent of the population who may be turning 65 soon are bound to require long-term care at some point.
What Constitutes Long Term Care?
Long term care is considered care that assists you with necessary activities in your day-to-day living. This includes any of the following:
> home health aides
> skilled nursing services – at a nursing home or assisted living facility
> adult day care
Necessary activities include help with meals, bathing and dressing. These items fall under the services that Home Health Aides provide. Skilled nursing provides services such as monitoring a catheter or giving medication.
What Long Term Care Costs Look Like
Expenses for long term care services are extremely high. Currently, it costs an average of $6,235 per month to for a semiprivate room in a nursing home. For a one-bedroom unit in an assisted-living facility, the costs are $3,293 per month. Hourly rates for Health Aids can reach $21. Furthermore, you can expect to shell out $67 per day should you enroll in Adult Day Care. As you can see these expenses can add up and are only going to continue to rise – that is why it’s essential you have in place strategies that can protect you from these types of expenses. . MediGap Advisors can show you how!
Obtaining Long Term Care Insurance
First, it’s important to try and enroll in a long term health insurance plan before you you get too old. This will help with costs because the premiums increase as you age. However, only sign up for a long term care plan if you can afford the premium payments, because if you stop paying for any reason it’s likely you’ll lose any of the benefits you may have accumulated.
What a long-term care insurance policy covers will vary, however you can expect it to cover expenses for hospice care, adult day care and care in a nursing home or assisted-living facility. Premiums will vary pending your age and the type of plan you get, but for a 65 year-old the current average premium is about $1,850 annually.
It’s important to know that Medicare doesn’t cover long term care costs, unless you were recently hospitalized. Even so, coverage for these services run out after only 100 days. Your Personal Benefits Consultant can guide you through the process of obtaining a long-term care plan. Please check out our long-term care webpage to receive a free quote today – or call us at 866-323-1441 to set up a meeting with a knowledgeable Personal Benefits Consultant.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.