Long Term Care

Top 10 Reasons

Here are the top 10 reasons people should have a long term care insurance policy:

# 10:
The government pays very little for long-term care. Medicare pays all of long-term care costs for just 20 days and all but $95.00 per day for the next 80 days -- after that nothing. That said, when Medicare does pay, it only pays for skilled care and most long term care is not skilled care.

# 9:
The national average cost for nursing homes is over $100.00 per day. Assisted living facilities cost anywhere from $50 - $90 per day. If you live on the East Coast you can easily spend $50,000 to $80,000 for a year's stay in a nursing home. These costs can easily wipe out a lifetime of savings-not to mention the devastating emotional toll long-term care needs can inflict on a family.

# 8:
A Harvard University study indicated that almost 70% of single people and almost 35% of married couples would deplete their savings after just 13 or about 90 days in a nursing home.

# 7:
At age 65, a woman has a one out of two chance of spending some time in a nursing home. A man has a one out of three chance. In the case of men, mortality catches up with morbidity.

# 6:
Medicaid, the aid program for the poor, begins in only after a person's assets are depleted and their dignity is gone. In many states the threshold for eligibility for single people is $1,500 in assets. After all Medicaid is WELFARE.

# 5:
Your children would like to help, but often, children have their own children. They certainly can't quit their jobs to care for their parents.

# 4:
Your health rarely gets better as you get older.

# 3:
You can't buy long-term care coverage after you have a need for it or when a crisis occurs.

# 2:
As Americans, we have access to the best health care in the world, as long as we can pay for it.

# 1:
Most people prefer to choose where they go instead of having to go where they can afford or are taken, and if independence is important to them, they will need to have insurance or an awful lot of money!

Contact Reichek Financial today to get started!