The Truth About Long-Term Care
The need for long-term care (LTC) services is an increasingly important issue facing individuals and families today. Chances are you’ve heard the term before, but what exactly is “long-term care”?
Generally, LTC is the assistance received when someone needs help with the activities of daily living (dressing, bathing, eating, moving about, etc.) or when someone suffers a severe cognitive impairment. This “custodial care” can be provided in a nursing home, assisted living facility, residential or community care setting, or in the home.
Misconceptions about LTC among Baby Boomers:
The truth is that there are currently only two sources of risk mitigation for LTC expenses — Medicaid and long-term care insurance (LTCi). Medicaid pays about half of the nation’s nursing home expenses; however, you must deplete nearly all of your assets to qualify.
With the average nursing home expense running at $77,000 per year in Colorado, and with the need to also cover the services of professional care given in the home or other settings, CBA feels it is important to educate our membership about LTCi. That’s why we have endorsed a new LTCi program.
The CBA LTCi program offers:
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Quotes from multiple major insurances companies to give you the most affordable options available with the appropriate plan design to fit your individual needs;
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Premium discounts for CBA members; and
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LTCi consultants statewide to help you review the many options and benefits of a personally designed program that meets your financial planning needs.
The CBA LTCi program also allows your extended family members (spouses, brothers, sisters, parents, in-laws, etc) to apply for a policy.
For your comprehensive LTC online resource, please go to: http://www.completelongtermcare.com/quote-cobar.aspx.
Here you can:
- Get a quote
- Compare top LTCi carriers
- Look at LTC costs around the country
- Access educational resources
- And More!
