Long Term Care What is Long Term Care? Long term care is the day-in day-out assistance you need when you have a serious illness or disability that lasts for a period of time and you are not totally able to care for yourself. It is also a continuum of care, help or supervision with the routine activities of daily living including, eating, dressing, bathing, toileting, transferring and continence. What is the Chance I will Need Long Term Care? The New England Journal of Medicine says that: 43% of people turning age 65 would enter a nursing home. That's 1of 3 men, 1 of 2 women. At age 55 there is a 1 in 10 chance you will enter a nursing home. At age 65 your chances are 4 in 10. At age 75 your chances are 6 in 10 Married Couples have a 7 in 10 chance of one spouse entering a nursing home. What are the Costs of Long Term Care? Many Rochester nursing homes are well over $10,000 per month without including doctor, prescription and other medical charges. This could drastically affect your nest egg. Methods for Funding a Long Term Care NeedPay the cost yourself - see aboveDepend on Medicare - Only covers some costs in the first 100 days of care. After that you are responsibleLet Medicaid pay for it - You will have to use up most of your money to qualify.Transfer your assets - This is possible but requires a five year waiting period, loss of control of your assets, tax issues, etc.Long-Term Care Insurance - Insurance provides guaranteed funding, facility of choice, nursing home and health care needs, self control over assets, inflation protection and avoidance of family conflicts Call today!