Long-Term Care

Why Choose Long Term Care?
Long term care assists people who cannot perform essential daily activities on their own; things like eating, dressing, and using the bathroom. This is usually due to a chronic illness or degenerative condition.

Long term care can be provided in a variety of places, whether at home or at an assisted living facility, a nursing home or other setting. It consists mostly of "custodial care," or assistance with daily activities, rather than medical care that would be covered by your health plan.

 

Is Long-Term Care right for me?
These days, we're living longer than ever. And as life spans grow, more of us need long term care. In fact, it's estimated that over 60% of people 65 and over will need long term care assistance during their lives – either at home or in a facility.

Long term care can get expensive. Costs range from an average of $19 per hour for a home health aide to $108 per day in an assisted living facility and $213 per day in a nursing home.

Programs like Medicare pay for little or no long term care expenses, and you must be impoverished to qualify for Medicaid coverage. Without a plan, potential long term care expenses may become a significant out-of-pocket responsibility. Transition Planning helps you plan ahead, giving you more worry-free years. It’s simpler and more affordable than you might think.

How Does it Work?

Long term care can seem extremely complicated; however, once you define exactly how it works, the picture becomes much clearer. When you think about long term care there are essentially three aspects that determine price outside of the normal health ratings.

  • Total benefit pool
  • Benefit period length
  • Time deductible (Elimination Period)

Depending on how much benefit you need and how long you want it to pay forms the basis of the long term care policy. Your monthly benefit is normally expressed as a percentage of the total benefit which is based off of the total length of your benefit. Most policies have a 30 day elimination period, but if you extend this period you can save more on your monthly premiums. Long term care has a repuation as being unaffordable, but this is normally because people don't understand exactly which parts of a long term care policy are the most important. Transition Planning can customize your policy to meet your needs and leave you with one less thing to worry about.