Believe it or not, there is a lot of good information being shared on Twitter about long term care, seniors, aging and more. Due to the 140 character limit, you’re more likely to uncover some good links to interesting articles than a conversation or debate on a particular subject. Today we found an article published by the Martha’s Vineyard Times newspaper discussing baby boomers and why long term care insurance is a viable option. You can read the entire article here
According to U.S government data, this year 9 million American men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. And, Medicare only pays for “medically necessary” skilled nursing found in a facility (a nursing home, for example) or hired to provide home health care. Medicare does not pay for custodial care (the activities of daily living with which someone may need assistance).
We’ve discussed medicare medicaid services in past posts and what they cover. Understanding how these services work, and what they DON’T cover is very important. People will be surprised. Parts of the article debate whether long term care insurance is necessary
Windemere Nursing & Rehabilitation Center has an 81- bed capacity and provides care for patients even after public and private insurance options have expired. Bob Roy, the facility’s designated spokesperson, says of LTC, “I rarely see people use it. I do not see the incentive for people to get it. If you have a lot of money you can pay for your care yourself privately. If you do not have a lot of money you end up on Mass Health (Medicaid) and the State pays for it.”
Again, this is where it’s very important to understand how your government care programs work. Massachusetts is different, as we know. Furthermore, it really is up to you whether or not you plan on spending all of your hard earned money on health care costs or having the option to pass some of this on to siblings for instance. LTC insurance isn’t for anyone, but it’s worth looking into even if you have a healthy bank account.
LTC insurance policies are costly but less so if you are younger when you make the purchase. If purchased in one’’s 50s, a New York Life policy, for example, would carry an estimated monthly premium of $200 or $2,400 a year (paying out $250 a day for services). If you were to wait until you were in your 70s to purchase such a policy the annual premium would be about $13,000.
If you subscribe to our long term care insurance blog, than you know how many times we’ve brought this up. Purchase a LTCI plan earlier in life and you will save LOTS of money in the long run.
It’s important to keep in mind this article discusses many state-specific issues with long-term care. If you’re looking into LTCI, speak to someone who has the experience working with clients around the country, because policies will vary and it’s very important to know this.
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