The American Public is in denial regarding Long-Term Care:
What is Long-term care? It is expensive chronic care not paid forby your major medical insurance plan or Medicare. Examples include stroke, alzheimer’s, recovery from a life threatening accident (Christopher Reeves- Superman), or many other situations where you will need help with your ADL’s (activities of daily living). The ADL’s include: continence, transferring, toileting, eating, bathing, and dressing. The chronic care clock starts ticking once your major medical insurance or Medicare tells you, we’ve done all we can, and now you need to go home or to an assited living or nursing facility to recuperate on your own.
Your medical insurance took care of your acute care needs, and now you are responbible for the rest. It costs up to $7000 per month in some facilities in our area here in the Midwest for full care in a small private room. When you need this type of care you either pay with cash, insurance, or spend down all your assets until you reach $2000, then the government steps in to save you from a catastrophy.
But how can the government continue to save folks when our nation is facing a $107 trillion infinite horizon of unfunded liability on Social Security and Medicare alone, not even counting the problem with Medicaid and long-term care. ? That’s why I refer to the long-term care problem as the iceberg waiting for the Titanic.
According to the Nation’s leading exepert on Long-term care financing, Steve Moses, President, of the Center for Long-term care reform in Seattle, WA, http://www.centerltc.com/ , he says: “the public has been totally duped into thinking they aren’t at risk. The vast majority never think or worry enough about long-term care to ask who pays. They don’t know if it’s Medicaid, Mediare, or Santa Claus-and they don’t care. Whether you’re poor, middle class, or even affluent, the government continues to pay for the vast majority of all expensive long-term care in this country, and that fact has enabled the public’s denial.”
And now for the good news. You can protect yourself from this risk with a well designed protection plan but before you are a candidate you must answer in the affirmative on these three questions: 1. Do you believe that someday you may need long-term care? 2. Do you believe that only cash out of your pocket or insurance will pay for this type of care? And, 3. Do you believe that the cost of this type of care can have catatrophic financial hardships on those you love the most..namely your spouse and/or children?
If you answered yes to all three questions, and do not have a plan, give me a call so we can discuss it. We have life vest plans available for you. Don’t let the iceberg catch you by surprise! Thanks for listening, and have a nice weekend.
Coach
When you call a toll free hot line and ask for help do you get sometimes get responses like this? Incontinent Hot Line, can you please hold?
