Long-term Care Costs: Popular Misconceptions

LONG-TERM CARE COSTS Popular Misconceptions

It is important to be prepared for possible long-term care expenses

Unfortunately, many people are unaware of the facts

In this presentation we will look at some popular misconceptions

“It will never happen to me.”1

Some people don't care about the state of long-term care costs

because they don't think they'll ever need living assistance

THE FACTS TELL A DIFFERENT TALE

According to the United States Department of Health and Human Services,

70% of Americans will need long-term-care eventually

“Medicare will take care of it.”2

Some people are unconcerned about future assisted living expenses because they think that MEDICARE

will pay for everything

In truth, Medicare will only pay for up to 100 days of convalescent care

It will not pay for an extended stay in a nursing home or assisted living community

“I’ll just pay out-of-pocket.”3

It's not easy to simply write a check to pay for long-term care

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

In the state of California, this figure exceeded $120,000

“Assisted-living communities are affordable.”4

It is true that assisted-living communities are less expensive than nursing homes

However, many would say that they are far from “affordable”

The average charge for a month-long stay in an

assisted-living community in Californiain 2012 was $3,867

This equates to an annual expense of over $46,400

People often spend multiple years in assisted-living communities

REALITY SETS IN

We have established the fact that most people will need long-term-care

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

Once the misconceptions are cleared up,

what's next?

Long-term Care Insurance

It is possible to purchase long-term care insurance

in anticipation of incurring these expenses

Any policy that you consider should be carefully examined

so that you fully understand the extent of the coverage

Medi-Cal

Medicaid is a joint federal-state program that provides health care to people with

financial need

If you can qualify, Medi-Cal will assist with your long-term care costs

Most seniors who are receiving long-term care in the United States are enrolled in the Medicaid program

In California, the program is called Medi-Cal

Medi-Cal Planning

It is possible to qualify for Medi-Cal even if you have never considered yourself to be

financially needy

You may be able to gain eligibility while keeping a maximum store of resources in the family if you plan ahead effectively

After viewing this presentation, you may want to start preparing

for the eventualities of aging

If you live in the greater San Jose area,

our firm can helpIf you live in the greater San Jose area,

our firm can help

Get in touch with us to schedule a free consultation

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