Long-term Care Costs: Popular Misconceptions

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LONG-TERM CARE COSTS Popular Misconceptions
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It is important to be prepared for possible
long-term care expenses
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Unfortunately, many people are unaware of the
facts
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In this presentation we will look at some popular
misconceptions
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It will never happen to me.
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Some people don't care about the state of
long-term care costs because they don't think
they'll ever need living assistance
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THE FACTS TELL A DIFFERENT TALE
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According to the United States Department of
Health and Human Services, 70 of Americans will
need long-term-care eventually
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Medicare will take care of it.
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Some people are unconcerned about future
assisted living expenses because they think that
MEDICARE will pay for everything
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In truth, Medicare will only pay for up to 100
days of convalescent care
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It will not pay for an extended stay in a
nursing home or assisted living community
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Ill just pay out-of-pocket.
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It's not easy to simply write a check to pay for
long-term care
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According to the MetLife Mature Market Institute,
in 2012 the average annual expense for a private
room in a nursing home exceeded 90,000 nationally
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In the state of California, this figure exceeded
120,000
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Assisted-living communities are affordable.
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It is true that assisted-living communities are
less expensive than nursing homes
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However, many would say that they are far from
affordable
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The average charge for a month-long stay in an
assisted-living community in California in 2012
was 3,867
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This equates to an annual expense of over 46,400
People often spend multiple years in
assisted-living communities
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REALITY SETS IN
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We have established the fact that most people
will need long-term-care
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We have established the fact that most people
will need long-term-care
Medicare won't pay for this care, and it is
extremely expensive
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Once the misconceptions are cleared up, what's
next?
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Long-term Care Insurance
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It is possible to purchase long-term care
insurance in anticipation of incurring these
expenses
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Any policy that you consider should be carefully
examined so that you fully understand the
extent of the coverage
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Medi-Cal
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Medicaid is a joint federal-state program that
provides health care to people with financial need
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In California, the program is called Medi-Cal
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Medi-Cal Planning
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It is possible to qualify for Medi-Cal even if
you have never considered yourself to be
financially needy
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You may be able to gain eligibility while keeping
a maximum store of resources in the family if you
plan ahead effectively
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After viewing this presentation, you may want to
start preparing for the eventualities of aging
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If you live in the greater San Jose area, our
firm can help
If you live in the greater San Jose area, our
firm can help
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Get in touch with us to schedule a free
consultation
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