Long-Term Care
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Since 1970 we have designed, critiqued, and brokered Long-Term Care Insurance. We research and bring to you the highest rated plans for Long-Term Care Insurance in Ohio. With over 60 years of combined experience, we can provide knowledge and insight that can only be gained through experience in this market.

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Long-Term Care:

LTC Myths & Misconceptions

LTC Myth #1: It won’t happen to me.

LTC By The Numbers

  • One in Two - Americans will need Long-Term Care at some point in their life. Long-Term Care Your Financial Planning Guide 2003
  • 65 year olds - can expect to need an average of 3 years of formal and informal long-term care, and 20% can expect to need more than 5 years. Kemper, Penn State University, Inquiry 2006
  • 21% - Of Americans who are either caring for an aging parent now or have had to do so in the past. CBS News Poll (Feb. 07)
  • 50% Proportion of population 85 and older will require help with activities of daily living.WallStreet Journal Online (Feb. 07)

LTC Myth #2: I can afford It...

Current Care Costs

  • Nursing Homes - Nationally the average annual cost for a private room in a nursing home is $70,912 ($62,532 semi-private). Average length of stay - 2.6 yrs.Care Scout 2005
  • Home Care - $18-$20 per hour – $52,000 annually @ 8 hrs per day, the average duration for receiving home care is 4.3 years. National Alliance for Caregiving and AARP 2004
  • Assisted Living Facilities - average $34,860 + per year. Average length of stay is approximately 3 years. MetLife Mature Market Survey 2005

LTC Myth #3: Medicare Covers LTC

The devils in the details!

The Facts On Medicare... Medicare only covers skilled care – care defined as; services provided by or under the supervision of technical or professional personnel, and:

  • Must be rehabilitative care with ascertainable goals.
  • Which represents a small percentage of the care needs in Ohio
  • Maximum nursing home benefit is 100 days.
  • Average pay-out is less than 30 days.

LTC Myth #4: Medicaid will pay…

  • It will pay - after you’ve exhausted most of your assets.
  • Medicaid limits your choices - usually to a Nursing Home.
  • I’ll give my money away and get Medicaid – Medicaid has a 60 month look back period on transferred assets. If caught there is a penalty period.
  • You typically must use the facility that Medicaid directs you to use.
  • You may want to stay at home or go to an Assisted Living Facility.
  • Medicaid pays less to facilities than it costs to provide care.
  • Estate Recovery - REQUIRES Medicaid to recoup assets from your estate at death.

Other Popular LTC Misconceptions…

Prenuptial agreements protect my assets from long-term care costs my spouse may incur. – False. Medicaid does not recognize pre nuptial agreements. When you are married the assets of both are considered for “spend down” purposes.

Living Trusts protect my assets from long-term care costs. – False. Irrevocable trusts can protect assets from LTC costs, but are subject to the 60 month look back period. Living Trusts are not designed for long-term care asset protection from Medicaid.