10 THINGS YOU SHOULD KNOW ABOUT LONG TERM CARE

 

1. At least 70 % of people over 65 will need long term care services and support at some point in their lifetime.¹

2. Thanks to advances in health care and lifestyle changes, people are living longer.  The population of people 85 and older is expected to increase from 5.7 million in 2011 to 14.1 million in 2040.²  The longer people live, the more likely they will need care due to an accident, illness or disability

3. To cover the cost of long term care, people may

   • Rely on family members.

   • Access a government program such as Medicare or Medicaid

   • Spend personal assets.

   • Use funds from an insurance policy

4. Family can be impacted by their caregiving responsibilities.  Family members are often committed to caring for their loved ones and find it a rewarding, personal experience.  However, a family caregiver may become worried, stressed and exhausted, or find it challenging to deliver the care they want with inadequate resources.

5. Government programs may not meet your long term care needs.  You may find that government programs do not provide the options or environment you are seeking.  In addition, restrictions on eligibility can make it difficult to take advantage of such programs.

6. Long term care may be among the most expensive care a person will ever need.  The national median cost of one year in a private nursing home room is $87,600.³

7. Disability insurance does not pay for long term care.  Disability insurance is designed to cover part of a person's income if he or she is unable to work due to injury or illness.  However, disability insurance does not cover the cost of long term care.

8. Health insurance covers only skilled care.  Health insurance does not cover chronic, custodial or long term care.

9. Long term care insurance can:

   • Offer benefits that pay for covered long term care costs.

   • Safeguarding your savings and assets.

   • Help family members deliver care longer and better.

10. The longer you postpone decisions about long term care, the more costly it could become.  The younger you are when you start planning, the more options you may have.  Plus, insurance may be less expensive when you are younger and in better health.

         

 

 

 

 

1.  2014 Medicare & You, National Medicare Handbook, Centers for Medicare & Medicaid Services, September 2013

2.  Dept. of Health & Human Services, Administration on Aging, A Profile of Older Americans 2012

3.  Genworth 2014 Cost of Care Survey, conducted by CareScout(R). 4/2014  CareScout is a Genworth company.