Frequently
Asked Questions
About Long-Term Care
What
does long-term care cost?
It varies, depending on where you live
and what type of care you need. A recent Metlife study shows
costs ranging from $90 in Louisiana to $413 per day in parts
of Alaska. The national average cost in the U.S. is $153.
Why
would I need long-term care insurance if I have Medicare
or other health insurance?
This quote is from the National Association
of Insurance Commissioners, "Medicare, Medicare supplement
insurance, or the other major medical insurance you have
WILL NOT PAY for long-term care."
Why
doesn't Medicare pay for long-term care?
Medicare only pays for skilled care.
Most long-term care does not meet this criteria! Medicare
Supplements only pay on Medicare authorized expenses. If
Medicare doesn't pay, neither does your supplment.
If
I do need skilled care, how long will Medicare pay?
If you have a three day hospital stay,
Medicare will pay for up to the first 100 days in a skilled
nursing home. Skilled care must be required on a daily basis.
Most don't qualify for 100 days. The average Medicare stay
is less than 30 days.
Will
Medicare pay for home care?
Medicare will only pay for intermittent,
skilled care at home. The criteria are very strict tfor
this. See our Medicare section
for more information.
If
Medicare won't pay for long-term care what about the Medicaid
program?
Medicaid pays for long-term
care for the poor. It has strict income and asset guidelines
one must meet before you can qualify for it. See the Medicaid
section for more information.
Doesn't
the government have a national long-term care plan?
New tax incentives are available encouraging
people to purchase long-term care coverage. That's it! Medicare
expenditures are so high now the government is unlikely
to pick up the mult-billion dollar price tag!
What
types of long-term care does long-term care insurance cover?
Many different policies are available.
There are policies that cover nursing home care, assisted
living facilities, adult day care and home care whether
it is "skilled" or "non-skilled" care.
What
will a policy cost annually?
Annual premiums depend on many variables
including:
|
Type of policy
Coverage you select
Your age
|
Your health status
Cost of care in your area
Discounts available
|
Younger people pay lower
your premiums. Most annual premiums range from $1,000 to
$3,000 per year, although it could be more.
Is
it easy to qualify for long-term care insurance?
No! Most companies look at medical records
for the past five years. Certain health conditions may not
qualify. Progressive conditions like Alzheimer's and Parkinson's
will not qualify. Insurance companies may also do a face
to face interview to test if for any memory loss or cognitive
impairments. It is not easy to qualify for long-term care
insurance. One should apply for it as soon as they can!
What
if I was declined already by a long-term care company?
Companies have different underwriting
guidelines. You may want to apply again.
Are
all long-term care policies the same?
Some policy components are the same
to meet state and national guidelines, and others vary quite
a bit from company to company.
If you have additional
questions that were not covered here we encourage you to
contact us with an e-mail or give us
a call.
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