Long Term Care (LTC)

• Long term care insurance provides daily assistance for people with chronic, disabling health problems. That kind of help — be it home health care, nursing home care or hospice — typically is not covered by private health insurance or Medicare.
  

  LTC Misconception

• • Impact of Baby Boomers
    • 76 million
    • Ages 34 to 53
  • Social Security
    • 40 to 1 in 1945
      • “Medicare will cover my LTC needs”
      • “I'll just go on Medicaid
      • “I don't want to go to a nursing home”
      • “I'm too young to need LTC insurance”

      LTC Facts

      • Approximately 12 million Americans are currently receiving long term care
      • About 1.5 million are getting this care in a nursing facility
      • Over 85% of care takes place at home or in the community

      Is LTC Only For The Elderly?

      • 40% of people needing LTC today are between the ages of 18 and 65
      • Strokes are America's #1 disabler, and 1 of every 3 stroke victims is under 65
      • How old do you have to be to have a serious accident?

      Financial Need for LTC

      • Cost of Care
        • $50,000 a year for nursing home
        • $40,000 a year for home care
        • $25,500 a year for assisted living
        • All expected to triple in 20 years
      • Asset Drain
        • #2 reason given for purchasing LTC insurance
      • Undesirable Payment Alternatives
        • Medicare pays an average 25 days of nursing home care
        • Medicaid qualification requires spending down assets
        • Few can afford to self insure

      Economic Need for LTC

      • Impact of Baby Boomers
        • 76 million
        • Ages 34 to 53
      • Social Security
        • 40 to 1 in 1945
        • 3.4 to 1 in 1995

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