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In this presentation we will look at some popular misconceptions.
LONG-TERM CARE COSTS Popular Misconceptions It is important to be prepared for possible long-term care expenses Unfortunately, many people are unaware of the facts In this presentation we will look at some popular misconceptions 1 “It will never happen to me.” Some people don't care about the state of long-term care costs because they don't think they'll ever need living assistance THE FACTS TELL A DIFFERENT TALE According to the United States Department of Health and Human Services, 70% of Americans will need long-term-care eventually 2 “Medicare will take care of it.” Some people are unconcerned about future assisted living expenses because they think that MEDICARE will pay for everything In truth, Medicare will only pay for up to 100 days of convalescent care It will not pay for an extended stay in a nursing home or assisted living community 3 “I’ll just pay out-of-pocket.” It's not easy to simply write a check to pay for long-term care According to the MetLife Mature Market Institute, in 2012 the average annual expense for a private room in a nursing home exceeded $90,000 nationally In the state of California, this figure exceeded $120,000 4 “Assisted-living communities are affordable.” It is true that assisted-living communities are less expensive than nursing homes However, many would say that they are far from “affordable” The average charge for a month-long stay in an assisted-living community in California in 2012 was $3,867 This equates to an annual expense of over $46,400 People often spend multiple years in assisted-living communities REALITY SETS IN We have established the fact that most people will need long-term-care We have established the fact that most people will need long-term-care Medicare won't pay for this care, and it is extremely expensive Once the misconceptions are cleared up, what's next? Long-term Care Insurance It is possible to purchase long-term care insurance in anticipation of incurring these expenses Any policy that you consider should be carefully examined so that you fully understand the extent of the coverage Medi-Cal Medicaid is a joint federal-state program that provides health care to people with financial need In California, the program is called Medi-Cal Medi-Cal Planning It is possible to qualify for Medi-Cal even if you have never considered yourself to be financially needy You may be able to gain eligibility while keeping a maximum store of resources in the family if you plan ahead effectively After viewing this presentation, you may want to start preparing for the eventualities of aging If you live in the greater San Jose area, our firm can help Get in touch with us to schedule a free consultation Click to visit: www.attorneyoffice.com
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