| Baby Boomers Need to Consider LTC
| |
| | lifetime, with 50% staying an average of
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| Insurance
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| | 2.5 years.
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| Long Term Care and LTC insurance is an
| |
| | 8. The national average cost for 1
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| important issue for baby boomers, their
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| | year in a nursing home is approximately
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| parents and me. The reality of long term
| |
| | $41,000; in larger cities from $50 to
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| care is at the forefront of our minds
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| | $60,000 annually.
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| because of the news, TV or personal
| |
| | 9. 50 percent of all couples and 70
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| experience. We must ask ourselves what
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| | percent of single persons are
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| impact an unexpected illness or accident
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| | impoverished within one year of entering
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| would have on our finances. What is
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| | a nursing home.
|
| long-term care who needs it and how much
| |
| | 10. For every person receiving care in
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| will it cost. Before we look at these
| |
| | a nursing home, there are 4 people
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| questions let me share some fun facts
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| | receiving care outside a facility.
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| about getting "older".
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| | 11. The annual cost to companies for
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| 1. Over 40% of all Americans over the
| |
| | lost productivity from elder care
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| age of 65 will spend some time in a
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| | responsibilities is $17 billion a year or
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| nursing home due to a prolonged illness
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| | $3,142 per employee.
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| or disability.
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| | 12. By 2020, 1 in 3 workers will be a
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| 2. One year in a nursing home can cost
| |
| | care giver for a family member.
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| $36,000 to $60,000. Currently, the
| |
| | Most of us would never dream of not
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| average cost in a long term care facility
| |
| | having home owners insurance, health
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| in America is $41,000 per year. The
| |
| | insurance (that's another issue) or auto
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| average cost of a visit by a home health
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| | insurance. After looking at some of the
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| aide is $52. Daily visits would cost you
| |
| | facts and family medical history, the
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| almost $19,000 per year. Skilled nursing
| |
| | conclusion seems clear that as baby
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| at home, to administer medication or
| |
| | boomers, we must give this a serious
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| oxygen, for example, five days per week
| |
| | look. The challenge for us is too learn
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| for a year would cost you an average of
| |
| | as much as we can about long term care so
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| $94 per visit, or $24,440 per year.
| |
| | that we can have options and not be
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| 3. Health care plans and Medicare
| |
| | caught off guard by an unexpected illness
|
| combined pay only about 3% of the costs
| |
| | that could wipe out our retirement or add
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| of long term care. State Medicaid
| |
| | an undue burden on our families.
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| programs rescue only those families who
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| | Sources:
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| descend to the poverty level. The rest
| |
| | Life Insurance Selling, December 1992 CBS
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| comes out of pocket - nest eggs, funds
| |
| | News - Census Bureau New England Journal
|
| earmarked for retirement, life savings -
| |
| | of Medicine, February 1991 American
|
| or from a long term care insurance
| |
| | Association of Homes for the Aging, 1989,
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| policy.
| |
| | Leimberg, 1992 HIAA, "Long Term Care --
|
| 4. In 1983, Medicare began a new
| |
| | Needs, Costs and Financing (1992)
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| program called the Prospective Payment
| |
| | Leimberg's "Think About It" Stephan R.
|
| System. Instead of reimbursing hospitals
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| | Leimberg, JD, CLU (November 1992) U.S.
|
| for the actual cost of treating patients,
| |
| | Administration on Aging, July 1991 USA
|
| this program now pays a set fee according
| |
| | Today, July 19, 1994 Wall Street Journal,
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| to 467 Diagnostic Related Groups, or
| |
| | July 19, 1995 USA Today, July 19, 1994
|
| DRGs. Once a patient reaches the
| |
| | Long Term Care Conclusion
|
| arbitrary number of days in the hospital,
| |
| | Terry Stanfield is a SEM consultant with
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| Medicare payments stop regardless of the
| |
| | over 15 years of sales and marketing
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| individual patient's actual condition or
| |
| | experience. His company, Clickadvantage,
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| the need for continuing care.
| |
| | manages PPC and SEO efforts for his lead
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| 5. 70% of people who are older than 65
| |
| | generation and ecommerce clients. For
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| will need long term care services.
| |
| | more information go to today. Terry has
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| 6. 77 million Americans will turn 50
| |
| | written several aticles about long term
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| over the next 18 years. That's 1 person
| |
| | care insurance and "Baby Boomers". For
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| every 7.5 seconds.
| |
| | more information visit:Baby Boomers and
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| 7. 43% of individuals age 65 will
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| | Long Term Care.
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| enter a nursing home sometime in their
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| |
|
