Long
Term Care Insurance coverage provides day-to-day
assistance to individuals should a serious illness
or disability render you unable to care for yourself
for a lengthy period of time. Long term care can
be provided at home, a nursing facility; assisted
living center or alternate care facility.
Is
Long Term-Care Insurance right for you?
Take
a moment to consider the following statistics:
- 60%
of people over age 65 will
require long term care during their lifetime. (Washington
Post,
April
1996)
- Medicaid
covered only 31% of long
term care expenses in 1995. (Department of Health
and
Human
Services,
2000)
- The
average cost of nursing home care is about $140
per day. The average stay is 2 1/2 years, which
translates to a total cost of $130,000 per stay.
What
about Medicare and Medicaid?
A
common misconception is that Medicare and Medicaid
will cover the costs of long term care. In reality,
the average percentages each source contributes towards
the costs of long-term care today are:
- Medicare:
8%
- Medicaid:
45%
This
leaves you responsible for the remaining expenses,
roughly $50,000, based on the above statistics.
Reference
For your convenience, we
have developed a glossary
of terms for you
to reference when you have question.
To
obtain a quote, click on the link above and complete
our quote request form. For personal assistance,
please contact our benefits department at 800-775-TMIB
or email benefits@tmib.com.
