Is Long Term Care Insurance Even Worth It?- Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE

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0:00 Intro
0:18 LTC Vs. SNF
2:00 Home Health Aide
3:00 Homemaker Services
3:37 Adult Day Healthcare
4:45 Assisted Living Facilities
6:01 Long Term Care Insurance
8:50 Final Thoughts

It is estimated that approximtely 70% of adults will need some type of long term care in their life. And event though Medicare covers skilled nursing facility and nursing home care, long term care is not the same thing. So, is long term care insurance worth it and is it right for you?

First and foremost, Medicare does not cover long term care. This comes as a huge surprise to many because Original Medicare does cover Skilled Nursing Facility and nursing home care, but these are not the same thing as long term care.

There are several types of long term care.
The job of a home health aide (HHA) is to help someone live independently at home by assisting with activities of daily living, among other responsibilities. It’s rewarding and important work. Not only are you helping someone to stay in the environment in which they’re most comfortable, but home health care is actually more cost-efficient, because the care is tailored to the needs of the individual.

A home health aide can help with ADLs and provide comapnsionship. Most importantly, they allow seniors to stay in their own homes for as long as possible.
Salaries and costs for home health aides vary widely, however the nationwide median seems to hover around $30/hr. So, if you need someone 40 hours per week, you would be looking at over 62K for the year without insurance.

Homemaker services is another type of long term care. Homemaker services are loosely defined as tasks that help seniors maintain their household but are not necessarily personal care tasks.

So basically, homemaker services are similar to a home health aide, but without any assistance with personal grooming, toileting, etc… As a result, these services tend to be similar but slightly less expensive than a regular home health aide.

A more cost friendly option is adult day health care. These are in a group setting so they won’t be able to provide the same home maker services, but will be able to offer therapeutic exercise, brain stimulation for clients, social activities appropriate for their condition and help with personal care, such as grooming and using the toilet. Facilities often provide meals and snacks, including special diets for those who need them, and door-to-door transportation.

There are also centers for specific conditions such as alzhemiers or dementia.
Costs are under $500/week for 40 hours per week. So 25K/year without insurance.

Assisted living facilities will provide all of the benefits of a home health aide, homemaker services, and adult day healthcare. There will likely be a social calendar and events as well. Unfortunately, this is not aging in place, but provides many wonderful benefits.
Costs vary widely, but you can expect to pay at least 5K/month.
And as you move from a more general assisted living facility towards a real nursing home where more care is provided, you can expect these costs to almost double!

To buy a long-term care insurance policy, you fill out an application and answer health questions. The insurer may ask to see medical records and interview you by phone or in person.
Once you're approved for coverage and the policy is issued, you begin paying premiums.
Under most long-term care policies, you're eligible for benefits when you can’t do at least two out of six “activities of daily living,” called ADLs, on your own or you suffer from dementia or other cognitive impairment.

The activities of daily living are:
Bathing.
Caring for incontinence.
Dressing.
Eating.
Toileting (getting on or off the toilet).
Transferring (getting in or out of a bed or a chair).


If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/


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