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Many mistakenly believe that government programs provide sufficient
coverage for long term care. However, this is not…
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In recent years, the cost of nursing homes and assisted living
facilities has been rising at 5% to 6% per year. Most experts estimate…
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Premiums for federally tax qualified long term care insurance
plans are tax deductible, subject to certain limitations, and benefits paid…
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Policies generally provide benefits for a variety of care services
provided at home or in the community. These include…
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Long term care annuities, like traditional annuities, have both
an accumulation or deferral phase and a pay-out phase. Long term care annuities
differ…
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Few of us have not encountered first hand the impact of a loved one or friend needing
long term care as the result of a prolonged illness, accident or declining health.
We may even have played a central role in providing for their care. Despite these
experiences, many of us fail to plan adequately for the very real possibility that
our spouse, our parent or we ourselves may one day need care for an extended period
of time.
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40% of those 65 and over will enter a nursing home for long term care at
some point in their life.
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1 out of 2 women and 1 out of 3 men over the age of 65 will need nursing
home care at some point in their lifetime.
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19% of those 65 and older experience some degree of chronic physical impairment.
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22% of those age 85, the fastest growing segment of the population, are in
a nursing home.
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$69,400 – the average cost of a private room in a nursing home.
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$30,300 – the average cost of a private one-bedroom unit in an assisted living
facility.
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$27,726 – the annual cost of a home health aid for 4 hours per day at the
average rate of $18.58 per hour.
InsureYourCare is designed to help you better understand long term care issues and
to evaluate how best to plan for the possibility, including long term care insurance.
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