Long Term Care

THE FACTS YOU NEED TO KNOW

Long term care statistics

70% of adults over age 65 will need some long term care services in their lifetime. U.S Dept. of Health and Human Services.

Women need an average of 3.7 years of care while men need 2.2 years.

LongTermCare.gov

Nursing homes, on average, are 91% occupied (over 80,000 residents)

Pennsylvania Health Care Assoc.

Median Monthly Costs:

Home Health Aide $5,148

Assisted Living Facility $4,500

Nursing Home Semi-Private Room $7,908

Nursing Home Private Room $9,034

Genworth Financial

HOW WILL YOU PAY FOR YOUR FUTURE CARE?

self fund

Retirees who have the financial resources may choose to pay for their care from their own savings. Depending on the type and length of time the care is needed this may be possible. However, for many, they simply don't have the resources needed to fund their care for an extended period of time. If you're planning to self fund your future care, it's a good idea to make sure those dollars are in a position to be leveraged to their maximum potential should a long-term care event arise.

medicaid

Medicaid is a government program and is a valuable resource to cover the costs of long-term care. Medicaid is the single largest payor of long-term care nationwide. However, in order to qualify, beneficiaries must meet income and asset eligibility guidelines. Individuals who exceed these guidelines will have to go through the "spend down" process in order to qualify for Medicaid benefits. The spend down process effectively spends a retirees income and assets on qualifying care until they meet the guidelines to qualify for Medicaid. If Medicaid is right for you, a spend down strategy is key.

(Medicaid benefits & guidelines vary by state)

insurance & alternative options

For retirees, who prefer to avoid a Medicaid spend down obligation or pass those assets on to the next generation, there are several options for various types of insurance coverage. Having an insurance plan in place to handle a long term care event can ensure that you have choices when it comes to your care, such as where and how you receive your care.

Hometown Retirement Specialists, LLC is not affiliated or endorsed by the Federal Medicare program, the Social Security Administration or any government agency.

Hometown Retirement Specialists, LLC does not offer every plan available in your area. Currently we represent 8 organizations which offer 766 products in the area. Please visit Medicare.gov, 1-800-MEDICARE or your local State Health Insurance Program (SHIP) to get information on all of your options.

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PLANNING FOR A LONG-TERM CARE EVENT