FREQUENTLY ASKED QUESTIONSWhat is long term care? Long term care is the daily assistance necessary when one contracts a serious disability that lasts for a period of time, and they are not able to care for themselves. Types of care include: home health care, home care, adult day health care, respite care, assisted living facilities, skilled nursing facilities and hospice services.Will I need long term care? The older you are, the greater the probability that some sort of long term care will be needed. 70% of people over age 65 will require long term care at some point. A long term care insurance policy can help protect your assets from the rising cost of care, allowing you to remain financially and socially independent. How much does long term care cost? The average cost of nursing facilities is $45,000 per year while home care costs average $15 per hour. (2000 Met Life survey 8/2000) Who pays for long term care? Medicare, Medicare Supplements, and conventional health policies typically cover about 3% of an individual's long term care costs. For those who qualify, Medicaid and state programs cover 46%. Your savings or a long term care insurance policy will have to pay for the rest.
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