at calpers, we know there is a lot of confusionsurrounding long-term care, and long-term care coverage.to clear up that confusion, we created this short video to debunk four common long-termcare myths. we hope that the information provided willhelp you understand how a calpers long-term care plan can be a valuable tool in your financialand retirement planning. to get the ball rolling, let’s start withthe most common myth. long-term care is the care provided when oneneeds assistance with activities of daily living, such as eating, bathing or dressingdue to an injury, illness or aging. and, according to the federal government,70% of people ages 65 or older will require
long-term care services at some point in theirlives. the need for long-term care is often associatedwith the aging process, which may be why it’s not top of mind when we’re in our youngeryears. but the reality is that people of all agesrequire long-term care for a variety of reasons. in fact, 41% of long-term care is providedto people under the age of 65 to cover the unexpected costs associated with an injury,disease or disability. despite these statistics, many don’t factorlong-term care into their financial or retirement planning because they assume they can covercare expenses using their savings or that they’ll remain in good health.but, as participant alicia vargas-williams
says, things can change at a moment’s notice.i would say change does happen. that’s part of life. we would always want good things,positive things to come out of change, but in my experience, we lost all the men in myfamily in tragic car accidents. my two older sisters were out of the houseby then, so change happens and then it’s kind of, at that point, the responsibilityof caring for my mother fell on me. there was always a sacrifice that i had tomake to ensure there was money for her. she had a very small pension. she was on socialsecurity and she couldn’t work. so there was that financial impact to me, on me, tomake sure she was cared for. case in point, an unexpected illness or accidentcan happen at any time, and it’s smart to
be prepared.the best time to consider long-term care coverage is when you are in reasonably good healthand have time to weigh your options. plus, the younger you are when you apply,the lower your monthly premiums will be. that brings us to the next myth.the cost of long-term care coverage may be more affordable than you think. for example,the average daily cost of residence in a california skilled nursing facility is about $260 perday. that’s over $1,800 per week, or more than $7,500 per month.with inflation, the cost could rise. 64% of californians over age 40 say they couldn’tafford more than 3 months of care if they had to pay directly out of pocket.without long-term care coverage, paying for
long-term care services can be expensive andmay come at a time when one can least afford it.you may wish to consider a long-term care plan to help pay for the costs of long-termcare services. many people believe that long-term care isincluded in their health insurance policy – whether they have medi-cal, medicare orprivate insurance. in reality, long-term care services typicallyaren’t covered by these types of insurance, or will only kick in when certain prerequisitesare met. for example, medi-cal currently covers limitedlong-term care services only after you’ve depleted, or “spent down,†most of yourfinancial assets.
most people don’t want to get to that point,since it can leave their spouse and family with limited resources.speaking of family, this brings us to our final myth.many people assume that family members will take care of them if they need long-term care.but even the most dedicated spouse, child, sibling or close friend may not have the timeor means to take care of someone 24/7 for a long period of time.plus, solely relying on loved ones may make you feel like you’re a burden to your family.that’s something alicia personally wanted to avoid.i certainly didn’t want to be a burden on my sisters, my family, nor do i have children,so it’s, and that’s not even a guarantee
that they will care for you either. there’sno guarantee. so i just felt the need to seek out the calperslong-term care program for my own peace of mind for, you know, having that plan for meshould i need care. having a long-term care plan in place canhelp cover the cost of receiving care at home when family members are at work, caring fortheir children or traveling. it also creates peace of mind for your family,who may be concerned about the costs associated with long-term care.we hope the information discussed today will help you decide if calpers long-term carecoverage is right for you. if you have any questions, or would like torequest an application kit, we encourage you
to call the calpers long-term care customerservice line or visit the calpers long-term care website.thanks for watching.
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