LONG-TERM CARE INSURANCE (LTCI)
PROTECT YOUR INDEPENDENCE
“Most long-term care isn’t medical care, but rather help with basic personal tasks of everyday life, sometimes called ‘activities of daily living’. Medicare DOESN’T COVER long-term care (also called “custodial care”) – Source Medicare.gov
“I don’t want to be a burden to my children”
“I was surprised at how affordable Long-Term Care insurance can be”
“I’m afraid of losing everything I’ve worked for by having to stay in a nursing home”
“I’m afraid my spouse will have to use all our savings if I need care”
“We didn’t know Long-Term Care wasn’t covered by Medicare”
“I was so happy to learn I can get care in my home”
“COST OF CARE”
(Genworth 2016 – “genworth.com/costofcare”)
Florida – State Median USA – National Median
HOME HEALTH CARE
Homemaker Services $3,527 ($42,324 year) $3,813 ($45,756 year)
Homemaker Health Aide $3,766 ($45,192 year) $3,861 ($46,332 year)
ADULT DAY HEALTH CARE
Adult Day Health Care $1,365 ($16,380 year) $1,473 ($17,676 year)
ASSISTED LIVING FACILITY
Private, One Bedroom $3,045 ($36,540 year) $3,628 ($43,536 year)
NURSING HOME CARE
Semi-Private Room $7,422 ($89,064 year) $6,844 ($82,128 year)
Private Room $8,365 ($100,380 year $7,698 ($92,376 year)
ODDS OF NEEDING CARE
"Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years."
Annually 8,357,100 people receive support from the 5 main long-term care service; home health agencies (4,742,500), nursing homes (1,383,700), hospices (1,244,500), residential care communities (713,300) and adult day service centers (273,200).
Source: Center for Disease Control and Prevention (2013) Long- Term Care Services. Retrieved (January 2015)
Most but not all persons in need of long-term care are elderly. Approximately 63% are persons aged 65 and older (6.3 million); the remaining 37% are 64 years of age and younger (3.7 million).
Source: Rogers, S., & H. Komisar. Who needs long-term care? Fact Sheet, Long-Term Care Financing Project. Washington, DC: Georgetown University Press, 20
The lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people age 65 and older.
Source: AARP. Beyond 50.2003: A Report to the Nation on Independent Living and Disability, 2003
Individuals 85 years and older…are one of the fastest growing segments of the population.
Source: Administration on Aging (2013) Aging Statistics. Retrieved (January 2015)
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Michael A. Moran, CIC