Long Term Health Costs - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group
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Long Term Health Costs Skloff Financial Group http://www.skloff.com/services-ltci.htm
Transcript of Long Term Health Costs - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group
Long Term Health Costs
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Registered Rep – Coping with Long Term Health Blues – July 2010
“In March, Fidelity Investments’ annual Retiree HealthCare Costs Estimate reported that a 65-year-old couple retiring this year will require $250,000 to cover medical expenses through retirement, a figure that excludes the cost of nursing home care.”
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Registered Rep – Coping with Long Term Health Blues – July 2010
Survey by the Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates
Over the past five years, U.S. workers have lost confidence in their ability to cover their long-term-care costs in retirement. “The percentage of those polled who said they were “very” confident fell from 17 percent in 2005 to 10 percent this year; those who said they were “not at all” confident increased from 26 percent to 31 percent.”
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Registered Rep – Coping with Long Term Health Blues – July 2010
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Probability of Needing Long Term Care
At least 70% of people over age 65 will require some long term care at some point in their lives. - U.S. Department of Health and Human Services, www.longtermcare.gov
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States with Highest Average Daily Rates for Private Nursing Home Room - 2009
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Top Myth and Realities About Medicare Provided Long Term Care
Myth: Medicare pays for all long term care costs in full.
Reality: Medicare only pays for long term care costs if it is for restorative care (your health stops improving, Medicare stops) and it follows a hospital stay of at least 3 consecutive days and care begins, within 30 days of discharge.
Reality: Medicare only pays up to 20 days in full.
Reality: Medicare only pays up to another 80 days in part after meeting a $137.50 daily deductible.
Reality: Medicare only pays for 28 days, on average.
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Top Myth and Realities About Medicaid Provided Long Term Care
Myth: Medicaid pays for all long term care costs in full.
Reality: Medicaid only pays for long term care costs for the impoverished (those with only $2,000 to their name), with almost no exceptions.
Reality: Even if you give your assets away you can be disqualified from Medicaid due to the 5 year look back period. Reality: Medicaid only pays for care in your home (in some states) or in a nursing facility, with almost no exceptions.
But…
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Most States Have Introduced Long Term Care Partnership Programs
Most States’ Long Term Care Partnership Programs Allow You to Protect a Dollar for Dollar Amount of Assets Away from Medicaid, Equal to the Benefits Your Partnership Qualified Policy Paid. For Example: You Purchase a Partnership Qualified Policy that Pays $1.5 Million in Benefits, You Can Now Apply with Medicaid and have $1.5 Million in Assets Ignored – Without a Look-Back Period.
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Most States Have Introduced Long Term Care Partnership Programs
Some States’ Long Term Care Partnership Programs Allow You to Protect an Unlimited Amount of Assets Away from Medicaid, No Matter What Your Fully Utilized Partnership Qualified Policy Paid in Benefits. For Example: You Purchase a Partnership Qualified Policy that Only Pays $300,000 in Benefits, You Can Now Apply with Medicaid and have $1.5 Million in Assets Ignored – Without a Look-Back Period.
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Long Term Care Partnership Program National Map 2010
Source: Thomson Reuters
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Free Long Term Care Insurance Quotes
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