Long-term care insurance: Long-term care insurance is a contract between you and an insurance company that helps provide protection against the cost of long-ter care. In exchange you pay annual premiums taht are based on your age and health at the time you buy the policy. Typically, the your you are, the lower your premium. Lont-term care insurance should not be confused with Medicare supplement insurance, which helps pay some of the cost that Medicare doesn't cover, such as hospital deductibles and doctor bills. Medicare supplement policies do not cover long-term care costs. Insurance companies typically pay benefits when you are unable to perform activities of daily living, or "ADL's" such as bathing, dressing and eating without assistance. The Health Insurance Portability and Accountability Act gives some federal tax advantages for certain long-term inurance policies, allowing you to deduct some or all of your insurance premiums as a medical expense.
Myths about long term care insurance.......
Myth 1:
I don't need long-term care insurance because the government will pay.
Reality: Not true. 
Medicare pays for acute care needs such as hospital stays and physician visits. It only pays for skilled nursing home stays following hospitalization. Medicare also limits help at home primarily to those who need skilled nursing care and rehabilitative therapy. Medicaid long-term care programs primarily pay for the poor and thosse who use up their financial resources. Most Americans pay for long-term care out of their own pockets.
Myth 2:
I don't need long-term care insurance because my family will take care of me.
Reality: Family sizes are shrinking.
Family members live farther apart, and more women are working outside of teh home. As a result, family members may not be available as 70 million baby boomers reach old age. And eve if theya re available, most of us would rather not be a burden to our family members.
Myth 3:
I don't need long-term care insurance because can save on my own.
Reality: It is costly and challenging to self-fun long-term care.
According to the American Council of Life Insurance, a two-year nursing home stay could cost about $500,000. Therefore, a 45-year-old would have to save about $3500 per year for 40 years, and achieve a 7% annual return, to fund the expense at age 85.

Can you save for your retirement, pay for your children's college education and save for your long-term care needs?
.Myth 4:
I cannot afford to purchase long-term care insurance.
Reality: Long-term care insurance is more affordable then you think
Annual premiums could be less then $500 per year, depending on your age, medical history and the degree of coverage that you seek
Assess the risks........
You have one in 1200 chance of losing everything in a house fire. Is your home insured? 
You have one in 240 chance of experiencing a major auto accident. Would you drive without car insurance?
But you have about a one in two chance of needing long ter care at some point in your life. Did you cover the one thing most important..YOU?
 
Charlotte Stevens raised five children and then resumjed her career in teaching She and her husband, Rover, an engineer, created a stable home life for their family, put all of their kids through college, and still managed to save enough for their retirement. They built up a $1 million nestegg through a combination of mutual funds and vaiable annuities.
Charlotte and Robert both enjoyed good health into their 60's, and they were beginning to think about their future. But the idea of also saving for sojmething like nursing hojme care was overshelming. Fortunately, they were able to buy long'term care insurance at a reasonable premium becasue they were still in excellent health shen they bought the policy.

Last year, at age 75 Charlotte became ill with Alzheimer's disease and needed to enter a nursing home at a cost of $50,000 per year. For Robert, Charlotte's illness was hearbreaking. Fortunately, his long-term care policy saved him from financial pain as well.
Total premiums paid:10,000
Total projected long-term care costs: $250,000
 
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Expected lifetime long-term care costs by age and gender.
Age
Male
Female
55-64
$66,849
$157,039
65-69
56,895
124,370
70-74
52,421
107,555
75-79
49,594
96,044
80+
48,145
86,645
Stats from Americans for Lont-Term Care Security. (www.ltcweb.org)
 
Lois and Gary Matthews had the world by the tail. Both were in successful careers, she is a
bankruptcy lawyer and he is an orthodontist. Their children went to the best schools in town. They took family vacations every six months.
Because they were in thir mid-40's, the possibilities of a long-term disability seemed unlikely. But Lois, through her proffession, saw how medical expenses can devastate a family's finances. Despite being realitively young, the thought it might ba good idea to invesigate long-ter care insurance. What really surprised her was how inexpensive it was for someone in her age bracket and with her ilness-free health history. At avout $400 peryear, coverage was very resonable when compared with her auto, homeowner's, health and life insurance policies.

Three years ago, Lois was diagnosed wiht breast cancer that require extensive chemotherapy treatments. As anyone who has ever experienced it knows, "chemo" can be quite unpleasant. Flrotuately, the hojme health care provision of her insurance policcy made it possible for her to received care a home during the treatments. Sher appreciated the dindness and care she recieved from the home health aide.
Total premiums paid: $2000.00.
Total projected long-term care costs: $50.000
 
 
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