Who Pays for Long-term Care? - PowerPoint PPT Presentation

View by Category
About This Presentation
Title:

Who Pays for Long-term Care?

Description:

As the baby boomer generation reaches the age of retirement the population is aging rapidly. More and more people are going to need long-term care in the future. This raises an interesting question: Who pays for long-term care? This presentation attempts to answer that question. – PowerPoint PPT presentation

Number of Views:119

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Who Pays for Long-term Care?


1
Who Pays for Long-Term Care?
This is an advertisement.
2
As the baby boomer generation reaches the age of
retirement the population is aging rapidly
3
More and more people are going to need long-term
care in the future
4
This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
5
This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
6
What Is Long-Term Care?
This is an advertisement.
Before we look into how it is paid for let's
describe what long-term care actually is
7
If you need assistance with your activities of
daily living on an ongoing basis, you are in
need of long-term care
8
There are different forms of LONG-TERM CARE
9
In-Home Care
This is an advertisement.
Some of our elders who need assistance with their
day-to-day needs can stay in their own homes
10
Care is often provided by family members,
friends, and neighbors
11
In other cases a senior may engage the services
of a paid home aide
12
This is the least expensive form of long-term
care
13
Assisted Living Communities
.
This is an advertisement.
Many people who need a moderate level of help
with various day-to-day tasks reside in
assisted-living communities
14
These facilities allow for a good bit of
independence while providing the necessary amount
of assistance
This is an advertisement.
15
The average annual charge for residence in an
assisted-living community in 2012 was 42,600
16
Nursing Homes
This is an advertisement.
Nursing homes provide more care than
assisted-living communities
17
Licensed medical personnel are available to
residents around-the-clock
18
Seniors with debilitating medical conditions or
cognitive impairment often reside in nursing
homes
19
The average annual expense for nursing home care
in 2012 was 90,520
20
How Long Is Care Typically Needed?
This is an advertisement.
When you start to calculate the expenses that may
be accumulated you have to estimate the length of
stay
21
According to a government survey the average
length of stay for someone who is residing in a
nursing home is 835 days
22
Some people spend significantly more time in
nursing homes
23
Is Medicare the Solution?
This is an advertisement.
It may be logical to assume that Medicare will
pay for assisted living expenses
24
Unfortunately, this government program for
seniors WILL NOT PAY FOR LONG-TERM CARE
25
Medicare will pay for up to 100 days of
convalescent care, but that's the extent of it
26
Whats the Answer?
This is an advertisement.
When it comes to paying for long-term care you
can certainly pay out-of-pocket if you can afford
it
27
Another option would be to obtain long-term care
insurance coverage
28
Medicaid is another possible solution
29
Medicaid is another possible solution
If you can qualify, Medicaid may pay for an
extended stay in a nursing home or assisted
living facility
30
Where Do I Turn For Advice?
This is an advertisement.
Planning ahead so that you can handle long-term
care expenses can be confusing
31
You may want to consult with an elder law
attorney to help you sort things out
32
Your lawyer will gain an understanding of your
unique personal circumstances and guide you
accordingly
33
If you are interested in scheduling a free
consultation with a licensed elder law attorney
contact The Potter Law Firm
34
We practice in Charlotte, North Carolina and
northern Kentucky, and we would be glad to
assist you
35
Click to visit www.potterestateplanning.com
This is an advertisement.
About PowerShow.com