All About Long Term Care Insurance

BOSTON (CBS) – Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Most long-term care is to assist people with support services for activities of daily living such as dressing, bathing, and using the bathroom. Long-term care can be provided at home, in assisted living facilities or in nursing homes. According to Genworth Financial’s Long Term Care survey, the national average cost of a semi-private room in a nursing home is around $75,000 and it costs over $126,000 here in Massachusetts. A recent study found that people who reach age 65 have a 45% chance of entering a nursing home. But many only stay a short while. For example, a 70-year-old gets a knee replacement and can’t take care of himself at home. He might spend several weeks in a nursing home to receive rehab after his surgery. According to the Census Bureau, about 4% of the 65+ population occupy nursing homes at any given time. The rate of nursing home use increases with age and almost 50% of those 95 and older live in nursing homes. So does Dad need long-term care insurance? If Dad has very few assets and it would be a financial hardship for him to pay the premiums for the insurance, then he probably doesn’t need it. He will be eligible for Medicaid and community home-care services for a small fee because they charge on a sliding scale. LTC insurance premiums have increased in cost close to 30% over the last five years. I...
Source: WBZ-TV - Breaking News, Weather and Sports for Boston, Worcester and New Hampshire - Category: Consumer Health News Authors: Tags: ACA Information Affordable Care Act Business Health Heard On WBZ NewsRadio 1030 Money Matters With Dee Lee Watch Listen Your Home Anthony Silva Finances Financial Advice Financial Help Financial Planning Genworth Financial Help Source Type: news