1. Most people think Long Term Care refers to Nursing Homes. Most Long Term Care takes place at home. Five times more people receive Long Term Care at home than in Nursing Homes.
2. Working age people in 40’s, 50’s, 60’s need to use Long Term Care Health insurance as much as seniors for recuperation from accidents or illness for 1-6 months after surgery at home or in Nursing Facilities.
2.a. Working people suffer additional loss of primary income when health changes.
3. Regular Major Medical Health Plans and Medicare do not pay for Long Term Care needs which is normally custodial.
3.a. The Federal and State Government has endorsed Long Term Care Health Insurance and recommends it to the public.
3.b. The cost of Regular Health Insurance and Medicare has doubled in the last five years.
3.c. The cost of Long Term Care Health Insurance is locked into your age when you get in and does not go up every year. If there are future rate increases, it is a percent of your age when you get in.
3.d. The California State Partnership For Long Term Care Policy protects and shields your assets from being counted. A particularly good program for California Residents only. Endorsed and Recommended by the State of California with the highest level of Consumer Protections built in.
4. Long Term Care does not mean you need care for a long period of time. It is the standardized health care term that refers to Home Care or Nursing Facility Care.
4.a. You may need care for a few days, a few weeks, or for many years.
4.b. One or two days in the hospital is usually all that is allowed now at any age. Most still need care at Home or in Nursing Facilities. This is covered by Long Term Care Health Insurance at any age and normally is not covered by anything else.
5. 1 out of four American households provide care to family members resulting in lost income and missed work. Usually it is the Daughter or Daughter-in-law.
6. 30% of the population wait until it is too late, after developing a medical condition, making it impossible to get LTC coverage.
7. The odds of using Long Term Care Health Insurance are higher than the odds of going to the hospital. About 70% of those over 65 use Long Term Care Insurance.
8. The average cost of Home Care or Facility Care is $100-$300 per day.
9. You may need care for a few days, a few weeks, a few months, or for many years.
10. Medicaid covers LTC only after a person goes through “spend down” of assets.
11. The cost of Long Term Care Health Insurance can be Tax Deductible.
12. Long Term Care Health Insurance pays for people to cook, clean, do the laundry, run errands.
13. Long Term Care Health Insurance pays for care in very pleasant, upscale Assisted Care Facilities, even outside the U.S.
13.a Marriot, the Hotel Chain, is building Assisted Care Facilities as fast as they can, with Baby Boomers in mind: Hot Tubs, Rolling Stones music in the elevators, etc.
14. Use of Long Term Care Policies by the general public has doubled in the last 10 years and is projected to increase at a faster rate.
14.a Most people now use their Policies to stay at home as long as possible, then Assisted Care Facilities as long as possible, then Nursing Home as a last resort. Because of this, generally the Long Term Care Continuum is now longer and more expensive.
14.a Most people spend their life savings without a Long Term Care Insurance Policy.
15. Baby Boomers will double the demand on Medicare beginning in 2011.
16. Long Term Care Health Insurance pays to train a Family Member to be a caregiver.
16.a Long Term Care Health Insurance will pay to take care of Mom or Dad at the home of their son or daughter.
16.b “The Sandwich Generation”: Taking care of Mom and Dad, taking care of the kids, both working full time, paying the bills, saving for college, paying for care for Mom and Dad, or Grandma and Grandpa.
17. Most good quality Nursing Facilities have a 30-60 day wait to get in now and should continue to grow.
18. American demographics are creating a LTC Crisis: over 65 is doubling from 35 million to 70 million.
18.a. About 75% of everyone over 65 will need some form of Long Term Care. About 50% will enter a Nursing Home. About 50% will stay 2.5 years.
19. Caretaking is overwhelmingly women taking care of men, not men taking care of women. Women need and use LTC twice as much as men.
20. Finding good quality caregivers will become more difficult and more expensive. There is currently a shortage of caregivers and a shortage of Doctors who are General Practitioners and Gerontologists.
21. Bernanke is warning of the looming crisis in Social Security and Medicare.
22. Long Term Care Health Insurance is the only form of Health Insurance in the U.S. that locks in rates at the point of purchase.
23. Average age to buy Long Term Care Health Insurance has moved from the 70’s to the 50’s.
23.a. You can’t buy Long Term Care Health Insurance at crisis time or when you are ready to use it. You have to buy it ahead of time.
24. When health changes, income normally goes down and expenses go up.
25. Most people in Nursing Homes have said, “I’ll never go into a Nursing Home.”
25.a. Most people want to choose where they go instead of having to go where they are taken.
25.b. Health rarely improves with age.
26. “My spouse will take care of me.” “My kids will take care of me.”…… becoming almost impossible for the spouse on their own, and children have their own children, and can’t quit their jobs to care for parents.
27. We used to worry about dying too soon, we now worry about living too long.
28. Your premium stops when you start using the Policy.