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Extended Care
Presented by:Educators Lifetime Solutions
763-689-9023 / 877-403-23741
Do you agree you could live a long life?
If you do, do you agree you could become frail?
Do you realize that needing extended care could have serious consequences to your family and finances?
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Living a long life could well be in your future…
Planning for it now is a necessity.
What is Extended Care?
• Personal care for prolonged physical illness, disability, or having a cognitive impairment
• Medical condition can usually not be corrected or usually will not improve
• Loss of independence
Care given in many settings:• Adult Day Care• Home Health Care• Assisted Living• Respite Care• Nursing Home• Hospice Care
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Extended Care
SKILLED CARE Physician ordered
rehabilitation
Follows an on-going plan of care
Registered Nurses, Licensed Caregivers,
Therapists
24 hrs/day or intermittent
CUSTODIAL CARE Personal care
Needed when you cannot perform activities of daily living without assistance
Transferring, Bathing, Dressing, Eating,
Toileting, Continence
Alzheimer's or Dementia
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12.8 million Americans now require Extended Care1
3% are children
40% are under age 65
57% are over age 652
1. Shopper’s Guide to Long-Term Care Insurance, NAIC, 2010
2. GAO/HEHS-95-109 Long-Term Care Issues, p. 7.
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For every 1,000 Americans over age 65…
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Will suffer a catastrophic loss of their home due to fire
Will have an auto accident serious enough to warrant filing a claim
700
Will need some form of Long Term Care
70
7Georgetown University “National Spending for Long Term Care,” January 2007
Average cost of care in Minnesota
Nursing Home
*Private Room $ 74,460/Yr
*Semi-Private Room $ 66,795/Yr
Assisted Living Facility $ 33,817/Yr
Adult Day Health Care $ 18,590/Yr
Home Health Aide $ 21/Hr
Homemaker Services $ 19/Hr
Genworth 2010 Cost of Care Survey 8
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Protect your most important asset…
Your family
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What are the consequences?
The emotional and physical hardship to those you love.
Finances
The financial burden to those you love.
Family
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Reasons to consider Long Term Care Insurance
Asset/Income protection
Peace of mind
Avoid being a burden
Choice of care settings
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What are your options?
• Family
• Medicare
• Medicaid
• Self Pay
• Insurance
You choosewhere you receive
your care
Adult Day Care Home Health Care
Assisted Living Respite Care
Nursing HomeHospice Care
Long Term Care Insuranceprovides freedom of choice
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How do you trigger benefits?
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Activities of Daily Living (ADL’s)
A licensed Health Care Practitioner has certified that you are not expected to be able to perform (without substantial assistance from another individual) at least two of the following Activities of Daily Living for at least a 90-day period:
Transferring Bathing
Dressing Eating
Toileting Continence
-OR-
Cognitive impairment
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What factors determine the premium?
AgeYounger applicants pay less
HealthMany conditions can make an applicant uninsurable
Benefits You SelectMonthly benefitBenefit periodElimination periodInflation protectionOptional riders
Why plan now?
Baby Boomers 35 million Americans over age 65 now;twice that in next 10-12 years1
Rising cost of care services
Advances in health care People living longer with chronic illnesses(Diabetes/Heart Disease)
People living longerFastest growing sector of the population is age 85 and older2
1. US Census Bureau 8/20082. US Census Bureau 8/2008 16
AgeMonthly Benefit
Lifetime Benefit
50 $4,500 $270,000
53 $5,209 $312,540
56 $6,030 $361,800
59 $6,980 $418,800
62 $8,080 $484,800
65 $9,354 $561,240
68 $10,828 $649,680
71 $12,535 $752,100
74 $14,511 $870,660
77 $16,798 $1,007,880
80 $19,446 $1,166,760
Assume 5% compounding inflation. 17
Buying now with inflation builds value
Dollar for dollar asset protection to
qualify for state assistance.
MN State Annual Tax Credit
For more Information: www.dhs.state.mn.us
MN State Partnership Legislation
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Maximum allowable credit per year is $200 for couples filing jointly and $100 for other filers.
Incentives
What are YOUR plans?
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Living a long life could be in your future…
Thank you!
For more information contact:
Educators Lifetime Solutions
763-689-9023 or 877-403-2374
20April 2011