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5 things to know about long-term care policies : Long Term Care Insurance Network

5 things to know about long-term care policies

By administrator | Aug 26, 2015

5 things to know about long-term care policies
News from Chicago Tribune:

Long-term care is a subject nobody likes to think about. Yes, Medicare and supplements will pay for illness and hospitalization costs. But they don’t pay for care at home, or in assisted living, when you can no longer do basic activities such as bathing, dressing, toileting and dining. Will your children come to help? Or, if you are an adult with aging parents, are you prepared for Mom or Dad to move into your home?

That’s where long-term care insurance comes in. Here are five things you should know:

1. The odds are likely that you will one day need some form of custodial care. Not all of the people who need custodial care are elderly, since accidents and diseases like Parkinson’s or dementia can afflict at any age, but the lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68 percent for people age 65 and older, according to an AARP research report.

2. The cost of custodial care is expensive, whether given at home or in assisted living or a nursing home. According to Genworth, one of the largest long-term care insurance companies, the average annual cost of a private room in a nursing home in 2015 is $ 91,250. And the average cost of a home health aide for 44 hours a week (not round-the-clock care) is $ 45,760…………… continues on Chicago Tribune

… Read the full article
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