Do You Need Long-term Care Insurance?
You may need help with three types of care: personal, medical and nursing care. And, it can all be expensive. So, let’s look at what types of care are available and what they typically cost.
In case of something like a broken hip or leg, you’re likely to need temporary help with things like bathing and definitely with grocery shopping. Home health care assistance generally falls into either homemaker services or home health aide services. The first one deals with cleaning, cooking, shopping, etc. The latter involves personal care for bathing, toileting, etc. Such services are usually provided in blocks of two or four hours. Rates were averaging $19 to $21 per hour.
The AARP Public Policy Institute reported about 42.1 million family caregivers were providing care for an adult who needed help with daily activities at any given point throughout 2009. They said overall about 61.6 million people provided adult care that year. These folks weren’t paid for their work, but the estimated economic value of it was approximately$450 billion in 2009.
Most medical care can’t be provided by people without training. Sometimes the services of a registered nurse (R.N.) are needed like when you’re recovering from surgery at home. An R.N. can do everything a nurse in the hospital can like dress wounds and handle an intravenous catheter for drug treatments. Other times, an aide may be able to provide the care you need for three times less the cost of nursing care.
Nursing Home Care
In 2010, the average cost for assisted living facilities was $3,293 per month. A semi-private room in a nursing home averaged $6,235 per month and a private room averaged $6,965 per month. Nursing home costs can run $70,000 to $100,000 a year.
Long-term Care Insurance
Long-term care coverage can vary. Some policies cover a range of services, while others may cover only nursing home care. Naturally, premiums will vary, too. And, premiums depend on your age and health status when you buy the policy. To get a policy, you have to get past medical underwriting that assesses what your health care claims are likely to be. Medigap Advisors can also research the long-term-care policies available where you live and help you compare the coverage and the cost. Give us a call if we can help.