The Facts About Long Term Care Insurance

July 12, 2012 12:00 AM
The Facts About Long Term Care Insurance
" BOSTON (CBS) – Long term care is simply defined as the care needed for individuals with chronic disabilities. This care may now be in the individual’s home or it may mean custodial care in a nursing home.

Planning for long term care is difficult because we don’t know if we’ll ever need it during our lifetime. Studies have indicated that 40% of Americans over age 65 will eventually need some kind of long term care. But the key here is for how long and for what reason.

At age 75 if you have a knee replacement the hospital will discharge you in a couple of days. You may not be capable of taking care yourself. You are admitted to a nursing home for rehabilitation. Now that stay may be 1-2 weeks depending how quickly you recuperate and then once you are home there may be more care needed. You are now part of the 40% who will spend time in a nursing home.

According to the U.S. Census Bureau, slightly over 5% of the 65+ population occupy nursing homes, congregate care, assisted living facilities and about 4% are in nursing homes at any given time "

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