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Senior
Who
will care for whom? Or, will the other be available to be
a caregiver? Serious questions that no one cares to confront.
LONG TERM
CARE
ASSETS
- INDEPENDENCE
- FINANCIAL SECURITY
You
are planning for everything you want in retirement. Travel.
Recreation. A relaxed, independent lifestyle. And you are
counting on your growing assets to make it possible. But
a serious accident or extended illness - whether during
your earning years, or even after you retire - could change your
lifestyle. In fact, long term care costs can quickly consume
assets you've worked a lifetime to accumulate. UNUM can help with Long
Term Care (LTC) insurance that helps preserve the assets
that are the foundation of your personal independence - and your
most important plans.
Who Provides The Care?
By the year 2020, 12 million older Americans will need
long term care. Most will be cared for at home; family members
and friends are the sole caregivers for 70% of elderly people.(1)
A recent survey by the
American Association of Retired Persons (AARP) and National Alliance
for Caregiving indicates that almost one-fourth of American
households are currently providing informal, unpaid
care for an older friend or relative.(2)
Who Pays The Bills?
In most cases, long term care recipients and their families
- people like you - bear the cost of long term care.
The Health Insurance Association of America estimates  that
about one-third of all nursing home costs are paid out-of-pocket
by individuals and their families. Eight percent is paid
by Medicare, for short-term skilled nursing home care
following hospitalization. More than half of all nursing home
costs are paid for by Medicaid, after nursing-home residents
spend-down their own savings to national poverty level guidelines
and become eligible.(3)
Could You Afford The
Cost Of Long Term Care?
The cost of long term care is high - well beyond the reach
of most people. Bringing a health care aid into your
home just three times a week easily can cost $1,000 each month,
or $12,000 each year. As a national average, a year in a nursing
home is estimated to cost $40,000. In some regions, it can
easily cost twice that amount.(4)
Sources:
1 HIAA, Guide to Long-Term Care Insurance, 1996.
2 "More Spend Time Caring for Elders," Karen S. Peterson,
USA Today, March 18 1997, p. 1D.
3 HIAA, Guide to Long-Term Care Insurance, 1996.
4 Ibid
.
Tell
Me More!
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