| Long Term Care Costs |
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Preserve your independence |
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Guarantee your choice of care and caregivers |
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Allow you to stay at home as long as possible |
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Protect your assets and standard of living |
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Avoid being a burden to your family |
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Leave more assets to your family, church, alma mater, or other worthy cause |
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Peace of mind |
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| You can expect to pay for care from $25,000 to $85,000/ year depending on type and location of care. Long term care insurance is designed to help fund these on going costs. |
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| Most people - nearly 79% - who need LTC live at home or in community settings, not in institutions. |
| Long-Term Care Users Range in Age and Most Do Not Live in Nursing Homes: Research Alert Agency for Healthcare Research and Quality, November, 2000 |
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| COST OF CARE GIVING |
| People who take care of others are supplying their time and energy in a frequently emotionally and physically demanding environment. It is frequently a taxing but a necessary job. The actual costs of care depends largely on the setting in which care is given: at home, assisted living facilities, or nursing homes. |
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| In one’s own home... |
Without long term care insurance, a family member may sacrifice career goals, lose productivity in the workplace, require splitting time between care giving and immediate family needs. Most likely they will not have the proper medical training necessary to care for their loved one. Other relatives may not be local. Can you imagine yourself changing a parent's diapers?
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Example:
Lyle lives with his daughter, Sandy. Sandy works full time. Lately, she has noticed that Lyle has been forgetting to prepare and eat his meals during the day. One day she was called at work by a neighbor who found him wandering down the street. Sandy wants to take care of her father after work and on the weekends, but she needs help during the day. An adult day care would provide her with the solution she is looking for. Long Term Care Insurance would provide the funds to pay for this type of care. |
| If you hired a caregiver to cover 24 hours in a day... |
| If you hired a caregiver to cover all 24 hours in a day it will cost a lot more to have care provided in your home than in a nursing home. |
| In the absence of family... |
| In the absence of family, assisted living facilities can, and often do, provide excellent alternatives. Here, the cost of care includes room and board and 24 hours per day available care. The facility management can advocate for you. Prices typically range from $2500 per month to more than $4500 per month depending on your choices. No medical insurance covers this expense; it’s strictly out of pocket. Furthermore, assisted living facilities are not required to take Medicaid, nor will they take bed ridden patients. Assisted Living Facilities have essentially become the main stay of long term care services; they have taken over much of the role that nursing homes used to play more than 10 years ago. |
Example:
Sara was 87 years old and living in her own home. She was not getting out of the house and not socializing with anyone. Her daughter, Joan, arranged to have her mother move to an Assisted Living Facility after she realized that she was forgetting to take her medications and was not able to handle her own personal care issues. She didn’t need skilled nursing care, but she did need help with her activities of daily living (bathing, dressing, eating, etc...). Now Joan will not worry as much since there will be caregivers ensuring her mother gets her medications and assistance with her personal hygiene. Her mother will be able to participate in the weekly activities so she will remain active socially. Long Term Care Insurance can provide the money to make this possible. |
| Nursing Homes |
| Most people who reside in nursing homes usually need care 24 hours per day and are unable to either perform two activities of daily living (ADL'S) and/or are cognitively impaired. Sometimes people have no other choice, but a nursing home, either because their health requires some constant need for all six of the ADL's, they are bed ridden or have exhausted their funds and must use a nursing home because of state Medicaid requirements. LTC patients in a nursing home are typically paying bills of $5000-7000/month to cover room(private or semi-private), board and care giving. In addition, extra costs range from 20-30% more. If you have already spent down your assets and are eligible for medicaid the nursing home is your only choice. |
Example:
Mary Ann had a stroke 12 months ago. Immediately after her stroke she was admitted to a skilled nursing facility in the Medicare section and received rehabilitative therapy on a daily basis. After about 45 days, her therapists determined that she was not getting better and would need help with her activities of daily living for the rest of her life. Because she did not have anyone to take care of her at home, she was transferred to the non-skilled wing of the skilled nursing facility where she will live the rest of her life. |
| In summary... |
In summary, long term care costs last for many years and escalate as more and more help is required. The annual amounts spent depend on how much family can do and what living arrangements are required. |
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