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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 Need

  • Pay the cost yourself - see above
  • Depend on Medicare - Only covers some costs in the first 100 days of care. After that you are responsible
  • Let 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!