What is Long-Term Care Insurance?
All Home Care Matters
Enriched Life Home Care Services
5.0 • 88 Ratings
🗓️ 15 December 2020
⏱️ 16 minutes
🧾️ Download transcript
Summary
Episode 36 -
The future of our health, and our parents’ health, is often unpredictable. Of course, family history might indicate what we’ll be facing as we reach our seventies and eighties, but there really is no way to know for sure. It’s likely, though, that long-term care – in a private nursing home or assisted living facility, or even at home with a private caregiver – is on the horizon.
According to AARP, 52% of people over the age of 65 will need some type of long-term care services in their lifetime. While the days of nursing homes and assisted living facilities might seem far in the distance, it’s important that a plan for long term care is established years ahead of time.
There are many reasons to consider buying long-term care insurance. According to a 2016 study by the Urban Institute and the US Department of Health and Human Services, 14% of people in need of long-term care will require that care for five years or more.
Long-term care can drain a retirement nest egg pretty fast. AARP states that “the national median daily cost for a private bed in a nursing home in 2019 was $280 a day, or $102,200 a year…A yearlong stay in your own room at an assisted living facility runs $48,612.” Fidelity Investments reports that the average 401(K) balance was $105,200 in September 2019. In short, most people will need long-term care insurance in order to pay for their care.
Transcript
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| 0:00.0 | Welcome to Home Care Matters, the show where we discuss all things home care, with discussions on important age-related matters and topics. |
| 0:08.2 | Brought to you by Enriched Life Home Care Services, the number one rated home care provider in Michigan by Top Rated Local. |
| 0:25.5 | Hello and welcome back to all home care matters. |
| 0:31.1 | If this is your first time visiting us here at the show, we want to thank you for taking time out to be with us today. |
| 0:35.1 | We appreciate and understand how valuable everyone's time is. |
| 0:38.8 | And that's why we try to make each episode here at all home care matters something that will hopefully matter to you. The future of our health and our parents' health |
| 0:45.0 | is often unpredictable. Of course, family history might indicate what we'll be facing as we reach |
| 0:50.5 | our 70s and 80s, but there really is no way to know for sure. It's likely, though, |
| 0:56.1 | that long-term care in a private nursing home or assisted living facility or even at home with a |
| 1:01.7 | private caregiver is on the horizon. According to the AARP, 52% of people over the age of 65 |
| 1:09.0 | will need some type of long-term care services in their lifetime. |
| 1:13.6 | While the days of nursing homes and assisted living facilities might seem far in the distance, |
| 1:18.6 | it's important that a plan for long-term care is established years ahead of time. |
| 1:23.6 | A person in their 50s or 60s who chooses to plan ahead for their long-term care might |
| 1:29.7 | consider long-term care insurance. |
| 1:32.1 | An older person in their 70s or 80s can also look into long-term care insurance, but |
| 1:36.8 | the hard truth is, the older you are, the more costly the premium. |
| 1:41.2 | If you're an immediate need of long-term care, it may be too late to be covered. |
| 1:45.7 | That's why it's so important that you consider your long-term care plan ahead of time. |
| 1:51.4 | Long-term care insurance offers services that aren't covered by medical insurance or even |
| 1:56.1 | Medicaid. Services such as bathing, dressing, and getting in and out of bed are all covered by long-term care insurance. |
| 2:03.9 | And if you have a chronic medical condition or disorder, such as dementia or Alzheimer's, |
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