What are your chances of
needing care some time in
the future? Should you get a
long-term care policy? Most
of us don’t think about what
will happen if we are
incapacitated and cannot
care for ourselves. Many
people believe that
Medicare and/or Medicaid
will pay for care when we
need it.
Long-term care policies provide a way to protect your
savings as well as your independence, lifestyle and freedom
of choice. Policies offer two types of coverage — home
health care and long-term skilled, intermediate or custodial
care in a licensed nursing facility, home care or community
care setting.
Please give us a call and ask about our new BlueSecure
long-term care product.
Take this quiz. Some of the answers may surprise you.
Of those who need long-term care, what percentage are working-age adults between 18 and 64?
a. 10% b. 25% c. 40% d. 50%
What is the likelihood that you will need long-term care?
a. 1 in 5 b. 1 in 4 c. 1 in 3 d. 1 in 2
What is the average yearly cost of a nursing home in the U.S.?
a. $20,000 b. $35,000 c. $50,000 d. $65,000
What percentage of long-term care costs does Medicare pay?
a. 12% b. 25% c. 50% d. 90%
Medicaid pays for two-thirds of all nursing home patients. What is
the most a single person in Florida can have in countable assets in order to qualify for Medicaid coverage?
a. $1,000 b. $2,000 c. $10,000 d. $50,000
c. 40%. These are people who have suffered traumatic injuries
due to accidents or are suffering from debilitating conditions. One-third
of the people in the U.S. who have strokes each year are under 65. (American Academy of Actuaries, 1999; U.S. News and World Report, March 15, 1999)
d. 1 in 2. (Health Care Insurance Association of America/
LifePlans, Inc., 1995)
c. $50,000. (Estimate in “The Myth of Unaffordability,” Center for Long-Term Care Financing, 1999, based on projections of 1996 HCFA estimates)
a. 12%. (Health Care Financing Administration figures from 1997, www.hcfa.gov/stats/)
Blue Cross and Blue Shield of Florida 1-800-410-1509 (24 hours a day,
everyday). Mention reference number 1179. (TTY number for the hearing impaired who have a teletype phone is 1-800-310-6005.)
Health Care Financing Administration
Guide to Choosing a Nursing Home
1-800-MEDICARE (1-800-633-4227) or
www.medicare.gov
National Association of Insurance Commissioners
A Shopper’s Guide to Long-Term Care Insurance (free)
816-783-8300
e-mail: pubdist@naic.org
