Long Term Care Insurance

What is Long Term Care?

Long-term care is defined as custodial care when a person requires assistance with Activities of Daily Living (commonly referred to as ADL's) or has significant cognitive impairment. In order to trigger a long-term care insurance benefit, a person must need help with 2 of 6 defined ADL's : Bathing, Dressing, Eating, Toileting, Transferring, Continence or have a severe cognitive impairment such as that caused by Alzheimer's, Dementia, or Head Injury. Long-term care is costly and has limited to no coverage under conventional health or disability insurance. Long-term care insurance protects your assets and your family's resources.

The Cost of Long Term Care

Long Term Care facilities in New York State are among the most expensive in the United States. According to the most recent survey conducted by Genworth, the average cost of care for a private room in a nursing home in New York is $110,960, compared to a national average of $67,525. Interestingly the cost of individual home health aides is more in line with the national average. Average annual expense for a non-Medicare certified aid is $48,620 versus the national average of $43,472. Average annual expense for a Medicare certified aid is actually lower than the national average at $68,565 versus the national average of $105,751.

Of course costs vary considerable across the state. In the Poughkeepsie, New York area, the median cost for a Nursing Home is a whopping $357 per day for a semi-private room and $3,800 per month for a private room in an assisted living facility. The hourly rate for a Home Health aide that is Medicare Certified is $24 per hour.

How Will You Pay for Care?

• Your 401K
• Investments
• Assets
• Long Term Care Insurance

You can protect and keep control of your assets by adding long-term care insurance to your personal benefits package.