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Long-Term Care
Long Term Care Insurance coverage provides day-to-day assistance
to individuals should a serious illness or disability render
your client unable to care for themselves over a lengthy period
of time. Long term care can be provided at home, a nursing
facility; assisted living center or alternate care facility.
Is Long Term-Care Insurance right for your client?
Take a moment to consider the following statistics:
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60% of people over age 65 will require long term care
during their lifetime. (Washington Post, April 1996)
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Medicaid covered only 31% of long term care expenses
in 1995. (Department of Health and Human Services, 2000)
- The average cost of nursing home care is about $140 per
day. The average stay is 2 1/2 years, which translates to
a total cost of $130,000 per stay.
What about Medicare and Medicaid?
A common misconception is that Medicare and Medicaid will
cover the costs of long term care. In reality, the average
percentages each source contributes towards the costs of long-term
care today are:
- Medicare: 8%
- Medicaid: 45%
This leaves your client responsible for the remaining expenses,
roughly $50,000, based on the above statistics.
To request further information, please contact us at 800-SUB-RISK
or e-mail us at: subrisk@aol.com
today.
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