Utah Small Business Health Insurance
What Is Group Long-Term Care Insurance?
Utah long-term care insurance is designed to: Preserve lifestyles; Preserve assets, and Allow for freedom and choice.
Lifestyles are preserved because quality care can be provided and paid for at home, in assisted or alternate living facilities or in nursing facilities. Care givers can either stay fully at work or when appropriate may be paid to provide care for the loved one needing it.
Eighty percent (80%) of individuals who receive care are destitute in one year. Seventy percent (70%) of couples are destitute within two years if one person needs care. Why does this occur? The cost of care can exceed $55,000.00 a year in most areas of the United States — more in large metropolitan areas. The cost of care is skyrocketing, increasing by approximately six percent (6%) compounded each year — doubling every twelve years. Medical Insurance and Medicare do not cover chronic care needs. This means that most of us must self-fund our own, our spouse's, and often our parents and parent-in-law care needs. And, frequently we must do this with reduced income, forcing us to raid our savings and/or retirement plans.
People who own Long-Term Care Insurance are more likely to be able to remain independent and at home longer. Why? Medical Insurance and Medicare cover only very limited home care and only if the individual is 100% homebound, has been hospitalised for three days first, and her/his condition is improving. Medical insurance cover acute, short-term, rehabilitative care needs only. Once an individual's Medical Insurance stops covering rehabilitative needs, usually within 100 days, care must be paid for by the individual or family. If income and assets are inadequate to pay for home care, Medicaid may begin to cover care needs, but not at home. Medicaid almost always requires that care be received in a certified nursing home — not at home and not in an assisted living facility. Sometimes Medicaid beds are long-distances from where loved-ones live. However, if the individual owns long-term care insurance, care can continue at home because it will be paid for by the policy. When quality care is provided at home, people can stay at home longer.
Long-term Care Insurance allows you to determine where, how, and by whom you or your family member will receive care. You or your family member can remain at home and the policy will pay a care provider. The policy may pay to retrofit your home to meet your physical needs. Likewise, the policy can pay for domestic help. Or, you or your family member might choose a near-by assisted living or life-care community where quality care and an active lifestyle are provided. It is your choice!
For more information contact: Bret Harding, Long-Term Care Specialist: 801-372-2647.
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How Does Long-Term Care Insurance Preserve Your Lifestyle?
Many people think of Long-Term Care Insurance as "Lifestyle Insurance." As you decide whether the purchase of Long-Term Care Insurance is appropriate for you, your spouse, your parents, and in-laws, it might be helpful to answer these questions:
1. How would you and your family's lifestyle change if you had to care for your spouse?
Nearly 40% of adults who need care are under age 65.
Only 20% of care is provided in nursing homes.
Two-thirds of all caregivers work full or part-time; most are women.
26% of all caregivers are forced to take money out of their retirement funds; 12% take money from their children's education funds.
All caregivers report significant changes in lifestyle, including work interruptions and/or absenteeism, loss of income, lack of advancement and motivation at work, no family vacations, no meals out or other recreation, increased stress and health problems.
2. How would you and your family's lifestyle change if your parents or in-laws need care?
By 2005 more than 37% of U.S. workers will be more concerned with caring for a parent than a child.
35% of caregivers are daughters; 15% are sons; 29% are wives; 21% are husbands.
American women will be responsible for caring for elders longer than they cared for children.
Caregivers report that their relationships with their parents or in-laws change when they must provide physical care like feeding, bathing, or changing diapers.
A good long term care plan will allow you to maintain your lifestyle and help your family member who needs care to preserve her/his dignity and relationships. You can keep your job and peace of mind while providing quality home or facility care. You won't have to dip into savings, retirement plans, or college tuition dollars to cover care that cost more that $55,000 a year in 2004 and is likely to cost $110,000 a year by 2016.
For more information contact: Bret Harding, Long-Term Care Specialist: 801-372-2647.