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In this presentation we will look at some popular long-term care costs misconceptions.
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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
Click to visit: www.attorneyoffice.com