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UPDATED: Friday, November 30, 2007

The high cost of long-term care

Posted on Friday, November 30, 2007
 

By Lisa Rademakers
THE ERICKSON TRIBUNE

You may not realize it, but 60% of Americans who reach age 65 will need long-term care at some point in their lives. Today, the average cost for long-term care is more than $70,000 a year (in a Medicarecertified nursing home). Do you know who pays for this care?

“There is a lot of misunderstanding about who pays for longterm care,” says Richard Johnson, principal research associate at the Urban Institute and a leading national expert on the health and income security of older Americans.

“Many people say they have long-term care insurance, but when you ask them what the source is, they say it’s Medicare.” This is alarming because Medicare does not pay for longterm care. Most health plans, including Medigap and Medicare Advantage plans, do not cover long-term care either.

What may be leading to this confusion is the fact that Medicare pays for certain “skilled nursing care.” Skilled nursing care is usually ordered by your doctor and involves rehabilitation therapy or specific medical care.

Medicare covers skilled care
In order to qualify for Medicare coverage of skilled care, Medicare requires that you be hospitalized for at least three days. After that, your doctor must prescribe “medically-necessary” treatment, such as intravenous injections or physical therapy.

For a short period of time— 20 days to be exact—Medicare covers the cost of such skilled care. For the next 80 days, Medicare covers some of the cost, and you pay some of the cost (more than $100 a day). When you reach the 101st day, you are responsible for all costs.

Medicare covers skilled care for medical treatment for a short time. In contrast, it does not pay for “custodial care,” or personal assistance with the activities of daily living (ADLs), for a long period of time. ADLs include eating, dressing, bathing, and other activities. Typically, this is the type of care people refer to as “long-term care.” If this is the only kind of care you need, Medicare does not pay for it.


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What insurance policies cover
Private supplemental insurance (Medigap) and Medicare Advantage plans do not cover long-term custodial care either. “Supplements do not pay anything that Medicare doesn’t pay. You have to qualify in the same way that you do for Medicare,” says Pat Venable, senior health insurance program coordinator for Baltimore County’s Department of Aging.

One type of coverage that does pay for long-term custodial care is long-term care insurance. Long-term care insurance covers a range of services, including home care, adult day care, assisted living, and nursing care. Several factors will affect how much a long-term care insurance policy costs: your age, the amount of coverage, the length of any waiting period before benefits are paid, the benefit triggers (conditions you must meet to receive benefits), and whether the policy is adjusted for inflation.

Long-term care insurance
One of the policy options you have with long-term care insurance is inflation protection. Inflation protection provides increases in your benefits to cover the rising cost of long-term care in the future. However, Venable says, “Inflation protection is beneficial when you buy a policy in your 40s or 50s, but when you are older, it’s better to get a policy with a higher amount of coverage per day.”

It’s important to understand that long-term care insurance does not give you unlimited lifetime coverage at a nursing home. Policies limit how much they pay  for each day of care and for how long.

Your premiums for longterm care insurance do not increase on an individual basis. “You pay a flat premium from the moment you first purchase coverage for your whole life. But the insurance company is allowed to increase the premiums for an entire class,” Johnson says. For example, premiums can increase for all members age 75 and above.

The National Association of Insurance Commissioners’ A Shopper’s Guide to Long- Term Care  Insurance is a good source of information for all of the details of long-term care insurance. Your state insurance department will have this resource as well as additional information on the insurance available in your area.

Plan ahead, just in case
 
There is much to think about when it comes to longterm care. Planning ahead can help you comparison shop and give you peace of mind that you can afford the costs. Talk over your options with your family, friends, doctor, or financial or legal advisor in advance in case you ever need long-term care outside of your house.



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