- “Long-term
care will be the burning health care issue of the
21st century, as baby boomers struggle to prepare
for their own needs and take care of their parents
as well. We must begin to prepare now for those
challenges.”
-
- Pete
Stark, Aug 1999.
-
- People
are living longer
- Long-term
care costs are increasing
- Family
structure is changing
-
- The
number of elderly needing long term care is
expected to increase from seven million in 1997 to
ten million in 2018. Some 42% of Americans who
reach the age of 70 can expect to use long-term
care services at some point in their lives. More
then half of all women and a third of all men who
reach age 65 are expected to spend some time in a
nursing home.
-
- A
recent Met Life survey states the average cost of
a nursing home stay is over $56,000 per year and
is currently over $100,000 in metropolitan areas.
Think you can save money by staying at home? Think
again, as home costs for a private-pay, licensed
home health aide runs between $15-$50 per hour.
Long-term care costs are escalating and expected
to double in 20 years and quadruple in 30 years.
-
- How
will you finance these costs?
-
- Many
Americans assume the government will pay for their
long-term care costs. Medicare may pay for some
short term needs. Medicaid mandates that you
deplete your assets before benefits are available
and options are limited.
-
- True
choice in selecting the setting and the provider
for long-term care is dependent upon your ability
to pay privately. Only long-term care insurance
offers that option.
-
Still
wondering why you need long-term care insurance?
