Ten Reasons to Plan for Long-Term Care

1. Actuarial studies show that due to increasing advancements in Medical Science, which bring a longer life span, 50% of individuals will need Long-Term Care services at some point in their lifetime. At least 70% of people over 65 will need Long-Term Care services; for women 65 and older there is about a 79% risk.

2. I cannot depend on Medicare to cover my Long-Term Care expenses. Medicare covers less than 18% of all Long-Term Care expenditures.

3. To protect my assets I have worked for in my life. The national average in 2011 for an Assisted Living Facility was $40,200 per year and for a Semi-Private Nursing Home Room it was $76,285 per year.

4. To preserve my estate for my family. Most people would rather leave their estate to their family or charity, rather than spend it on the escalating costs of Long-Term Care.

5. To have the opportunity to have Home Health Care or select the Nursing Facility of my choice. Once a person enters a facility, completes their asset “spend-down” and eventually goes on Medicaid, the Government decides which facility and location that individual can receive benefits.

6. So I do not have to go on Medicaid. Medicaid has evolved to become our nation’s primary payer for long-term services and supports, financing nearly half, 43% of all spending on long-term care services.6

7. Because I am healthy and I can qualify now. Many of the people who are seeking protection, cannot qualify for LTC coverage because of health related problems.

8. Because at my age, Long-Term Care coverage is less expensive than it will cost at my next birthday. The younger you are when you enroll, the lower the premiums are for LTC protection for the rest of your life.

9. To provide security and peace of mind, so I don’t have to worry about coverage if I were to need it. Many seniors spend years worrying about LTC protection and what will happen when they need it.

10. So my children will not be burdened with me, or my care, if I were to need Long-Term Care. Many people are living in the homes of their children because they cannot afford the cost of Home Health Care or a quality LTC facility.

[1] Hayes, Robert D., Nancy G. Boyd, and Kenneth W. Hollman.“What Attorneys Should Know About Long-Term Care Insurance”. 1999. The Elder Law Journal, Vol. 7, No. 1.
[2] “Medicare & You”. The Official Medicare Handbook. 2013.
[3] 3 Connell, Kathleen,“Long Term Care: A Women’s Issue”. 2012. Retreived from: AARP website: http://states.aarp.org/long-term-care-a-womens-issue/.
[4] 4 “Long-Term Care—an Essential Element to the Health Care Reform”. Avalere Health LLC, The SCAN Foundation. 2008.
[5] 2012 Cost of Care Survey. American Association for Long-Term Care Insurance. 2012.
[6] Kaiser Commission on Medicaid and the Uninsured. “Medicaid and Long-Term Care Services and Supports, Fact Sheet”. 2011. Kaiser Family Foundation. Publication #2186-07. Retreived from Kaiser Family Foundation website: www.kff.org/medicaid/2186.cfm.