generic consumer presentation
DESCRIPTION
Basic Long Term Care presentation - consumerTRANSCRIPT
Kerry Peabody, CLTCLong Term Care, Life &
Disability Agent
What You Need to Know About Long Term Care
• You’re going to live a good, long life, and the longer you live, the more likely it is you’ll need help at some point.
• Providing care is physically and emotionally exhausting for spouses and family members.
• Paying for long term care “out of pocket” can easily devastate you retirement savings.
This simply means that you need to have A PLAN to pay for long term care.
Some Things to Consider
• It’s NOT medical care.
• Long term care is…• Care and supportive services required for extended
periods due to chronic illness, disability, or cognitive loss
• Almost always “custodial care”
• Help with Activities of Daily Living, such as bathing & dressing (ADLs)
• Supervision needed because of a cognitive impairment
What is Long Term Care?
• For every person in a nursing home, there are four others receiving care in a community setting.
• At home
• Adult Day Care
• Assisted Living Facility
• Planning ahead will help you stay out of the nursing home as long as possible
This Isn’t Just About Nursing Homes
• Your own money
• Your family
• Government programs
• Sharing the risk with an insurance company
How Can You Pay for Long Term Care?
How Much Does Long Term Care Cost in Southern Maine?
Remember, this is what long term care costs today. The real problem is what care will cost
when you need it.
Private nursing home room
$127,750 per year
Assisted Living Facility
$60,600
Home care $50 - $150 per visit
Private nursing home room
$338,959
Assisted Living Facility
$160,790
Home care $100 - $300 per visit
Expected costs in 20 years?
What would costs like these do to retirement savings?
• Medicare is health insurance - it does not cover custodial care
• 20/80/YOYO rule
• Medicare “supplement” policies only cover the gaps in Medicare as far as deductibles, etc. They do not cover long term care.
Medicare
• Medicaid qualification has been made next to impossible for anyone with assets
• Spend down• Look-back period• Penalty period• Home equity disqualifier
• HR 6300… the next wave
Even if you qualify for Medicaid, what have you really accomplished?
Medicaid
• Help to keep you in control of care decisions
• Help you stay out of the nursing home as long as possible
• Reduce the burden on your family
• Pay for care at home, in adult day care, hospice care, assisted living, or a nursing home
• Protect your assets
• Be affordable, if your plan is properly designed
Having Some Form of Long Term Care Insurance Will...
• Traditional long term care insurance
• Life & Long Term Care “Combo” plans
What are the options?
Kerry Peabody, CLTCLong Term Care, Life & Disability
Insurance Agent
(207) 523-2253
Thank you!