The first step is to consider the purchase of long-term care insurance...Since these polices come with "concierge" services to find appropriate caregivers, this is a must-do for women who are alone...The time to buy is in your late 50s or early 60s, when costs are lower and you're healthy enough to qualify.
What is your Long-Term care IQ?
How well do you understand the issues regarding long term care?
This short quiz will clear up some common misconceptions.
1. Most long term care is provided in a nursing home. True False
2. The average length of stay in a nursing home is more than five years. True False
3. Nursing home expenses for Alzheimer's disease patients are covered by Medicare.
True False
4. By shopping around or calling the company directly, you can save money on your Long-Term care insurance premium. True False
5. On average, a one-year stay in a nursing home costs about $35,000. True False
6. People have to spend all or almost all of their assets to receive Medicaid benefits.
True False
7. Nearly 40% of the long term care population is under the age of 65. True False
8. Medicare is the primary funding source for most long term costs. True False
9. Disability insurance and long term care insurance cover the same type of expenses.
True False
10. Currently, more than 6 million people aged 65 or older need long term care.
True False
11. Most people overestimate the cost of long term care insurance. True False
Look below for the correct answers.
________________________________________
Answers:
1. The correct answer is False
88% of people who need long term care receive care at home or in a community based setting such as an adult day care center. 12% receive care in a nursing home or other institutional facilities.
2. The correct answer is False
Most nursing home stays are short, recuperative stays. 10% of the total nursing home population faces a stay of five years or more.
3. The correct answer is False
Medicare generally provides few benefits for long term care services needed by most people with Alzheimer's disease. Medicare provides reimbursement for skilled nursing home care. Medicare pays nothing if the individual requires only custodial care.
4. The correct answer is False
The state regulates the pricing on all insurance plans. The same plan will cost you the same from any agent or company.
5. The correct answer is False
On average, a one-year stay in a nursing home costs about $75,000. This figure can be as high as $110,000 in some regions.
6. The correct answer is True
People have to spend all or almost all of their assets to get Medicaid benefits.
7. The correct answer is True
40% of the people receiving long term care are working-age adults aged 18-65.
8. The correct answer is False
Medicare paid for only 18% of the spending in 1998.
9. The correct answer is False
Disability insurance will not cover most long term care.
10. The correct answer is True
And in fact after the age of 85, half of us will need help with ordinary activities of daily living (like bathing, dressing and eating).
11. The correct answer is True
According to a recent survey, those that do not own long term care insurance overestimated its cost by an average of 50%.
Long-Term Care insurance is What we Do!