Helpful Insurance Tips

1. No coverage... health insurance that pays doctor and hospital bills usually does not pay for a nursing home or healthcare at home.
2. Young Victims...While generally thought of as a policy for older people consider middle aged or even young persons –who have an accident or debilitating illness.
3. Growing Numbers... Right Now about 7 million men and women over 66 need long term care. As people live longer. The number will increase –an estimated 9 million by 2005 and an estimated 12 million by 2020.
4. 40% by age 65... U.S. Department of health and human services estimates that people reaching 65 face at least a 40% lifetime risk of entering a nursing home ---about 10% of them for 5 years or more.
5. Men and Women... Women currently live longer than men—they face a 50% greater chance than men of entering a nursing home after 65.
6. $36,000--$70,000 A Year. .. At current rates, a year in a nursing home averages $36,000—in some regions it can be double that cost.
7. At-Home Care... Even part-time at home assistance can easily cost $1,000 a month or more—plus skilled help (therapist etc.)
8. Forget Medicare... you cannot count on Medicare, Medicaid or even Medicare Supplement insurance. Rarely, If ever, will even an average stay be completely covered.
9. Threatened Savings...Many people who start paying for nursing home care find their life savings threatened when one or both spouses require care.
10. Don’t count on life insurance...While some life insurance policies offer long-term healthcare benefits, usually this affects the amount left for beneficiary.

COSTS and COVERAGES

It all depends on your age and coverage you choose. For example an average per pay nursing home benefit for 4 years with a 20 day deductible, a 50 year old might pay $400 per year while a 65 year old pays over $1000 and a 79 year old up to four times that amount. Inflation adjustments will increase premiums while extended waiting periods will decrease cost. Bottom Line... the earlier you sign up, the less you will pay--- and usually premiums don’t increase with age. Most policies are available to those between 40 and 84 years of age.