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We accept:
Long Term Care Insurance
General Facts & Questions:
What is the definition of Long Term Care?
Long-term care is a continuum of care, housing and services people and their families may need because of chronic, debilitating illness. The goal is, wherever possible, to have the individual remain within the universe that he or she has created.
What is continuum of care? Continuum of care is care that is provided formally by medical/nursing professionals or informal care that is most often provided by immediate family members. It is delivered primarily by:
- Home care
- Adult Day Care
- Assisted/care living facilities
- Institutional care
What are my chances of needing long term care? The actual risk of needing long term care (both nursing home and home health care) services is greater than 50 percent. The general population perceives the risk to be less than 25 percent.
How much does long term care cost? Average annual nursing home costs in the Northeast are approximately $80,000. The average stay in a nursing home is 2.8 years.
What are my options?
- Utilize savings
- Give away assets
- Qualify for government assistance by spending down assets
- Depend on long term care insurance
Why would I want long term care insurance?
- Help to preserve independence
- Help protect your standard of living
- Help protect your assets
- Help protect your freedom
- Help avoid welfare
- Daily benefit
- Elimination Period
Who pays for long term care – quick facts? According to a 1997 study by the Health Insurance Association of America, individuals pay 42% of long-term care costs.
Medicare Skilled Nursing Facility (SNF) Benefit: After being hospitalized for at least three days, Medicare may pay for care while you recover in a certified SNF. It will only pay for up to 100 days, and you are responsible for a daily co-payment for every day in the nursing home between the 21st and 100th day.
Home Health Benefit: If confined to your home and you require skilled care for an injury or an illness and meet other specific criteria, Medicare can pay in full for services provided by a Medicare certified home health care agency.
IT IS NOT RECOMMENDED THAT YOU RELY ON MEDICARE TO PAY FOR YOUR LONG TERM CARE NEEDS. Visit the Medicare site at www.medicare.gov for further details.
Medicaid MassHealth does pay for some nursing home care and some home and community based services for certain income eligible people. To be eligible for MassHealth and receive long term care services, you must meet state and federal eligibility rules. For more information regarding services and eligibility contact the MassHealth Customer Service Center at 1-800-841-2900.
Additional Resources:
Executive Office of Elder Affairs www.800ageinfo.com or
1-800-AGE-INFO
AARP – www.aarp.org
Massachusetts Assisted Living Assoc. www.massalfa.org
Skilled Care – Mass. Extended Care Federation
www.mecf.org