Roselle Park Knights of Columbus

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Long Term Care: Jan 15 2018

Long Term Care Facts & Figures

Most financial advisors say that Americans are woefully unprepared to provide Long Term Care for either themselves or a loved one, even those with incomes of more than $100,000.  Most people wait 10 years longer than they should to even begin planning for Long Term Care.

The ideal time to plan for long term care is when you are 50.  Yet most people wait until they are in their 60’s.  Procrastination is a big reason, while underestimating the cost and/or overestimating the sufficiency of assets are other reasons.

Yet the number one reason for individual’s unwillingness to think about the issue of Long Term Care…is the thought that “it won’t happen to me.”

  1. Home Health Care Claims by Diagnosis

 

Good News: 49 % of Home Health care Claims end in RECOVERY

 

III. 2012 Costs of Alzheimer’s

Today, 5.4 million Americans are living with Alzheimer’s disease. By 2050, up to 16 million will have the disease.

  • Americans aged 65 and over, 1 in 8 has Alzheimer’s.
  • Another American develops Alzheimer’s disease every 68 seconds. In 2050, an American will develop the disease every 33 seconds.

 

  1. Medicare does not pay for most LTC

Medicare pays only for medically necessary skilled nursing facility or home health care. You must meet certain conditions for Medicare to pay for these types of care when you get out of the hospital.

Most long-term care is to assist people with support services such as dressing, bathing, and using the bathroom. Medicare doesn’t pay for this type of care, which is often called “custodial care”.

Custodial care is care that helps you with activities of daily living. It may also include care that most people do for themselves.

Medicare is:

  • Not intended for long term —”BUT” for acute only.
  • 72 Hours hospital stay
  • Days 1–20 all costs 100%
  • Days 21-100 after $157.50 a day deductible
  • Days 100 + “Zero”

 

  1. Expenses

Long term care costs are substantial, and can seriously erode your estate, quickly undermining the most well-crafted asset protection plan. For those who wish to preserve their estates, reliance on government programs for long term care expenses is not an option.

How does the Knights of Columbus plan start? The Benefit Triggers result when you Can Not perform 2 of the 6 Activities of Daily Living (ADL’s), which include:

  1. Eating
  2. Continence
  3. Transferring
  4. Toileting
  5. Dressing
  6. Bathing

Will your Gambling without Long Term Care put you in the “RED”??

While we cannot predict the future, YOU could eventually need care on a long-term basis. The cost of receiving these services could jeopardize not only your lifestyle, but also the financial security you spent a lifetime establishing.

The Knights of Columbus are one of the few Major Insurers in the United States who have NOT increased premiums on existing holders of our Long Term Care product.

There is no more highly rated Insurer in North America than the Knights of Columbus!