What eventually happens when a married partner ends up in a nursing home? (coverage, years)
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Here are some interesting stats.. but remember what I said above , statistics mean a lot to insurers but little to us real people since we only have two outcomes ..it is either us it happened to or it is someone else it happened to .
52 percent of people—47 percent of men and 58 percent of women—who reach age 65 will need long-term care in their lifetime.
10 percent of Americans over age 65 have Alzheimer’s disease. This increases to 33 percent among people ages 85 and older. Two-thirds of Americans with Alzheimer’s are women.
The average length of time spent in long-term care is two years (2.5 years for women and 1.5 years for men). Only 14 percent of people need long-term care for five years or more.
As the US population ages, the number of people needing long-term care is on the rise. As a result, long-term care expenditures skyrocketed from $30 billion in 2000 to $225 billion in 2015.
The median yearly cost for weekday adult day care is $18,200.
The median yearly cost for assisted living care is $45,000.
The median yearly cost for nursing home care is nearly $86,000 for a semi-private room and over $97,000 for a private room. These figures vary significantly by location. For instance, the average yearly cost for a private room in a nursing home in Monroe, LA is under $52,000, while in Manhattan, NY, it’s over $215,000.
The median household wealth for adults over age 65 with no disabilities is just over $263,000. As for those with physical or mental limitations, the median household wealth is $94,200.
Unpaid family members and friends provide 83 percent of all long-term care in America, and two-thirds of older adults rely exclusively on free care. The estimated economic value of this unpaid care is $470 billion per year.
65 percent of unpaid long-term caregivers are female, and 25 percent of them are in the “sandwich generation,” meaning they provide care for their aging parents, as well as their children. Another 34 percent are over age 65 themselves.
Medicaid provides care for 62 percent of nursing home residents, which covers 51 percent of all long-term care costs. 20 percent of Medicaid’s total funding goes toward paying long-term care, which is expected to increase by 50 percent between 2016 and 2026.
In 2000, 125 insurers offered standalone long-term care insurance policies. As of 2014, fewer than 15 do. Also, only 20 percent of businesses with 10 employees or more offer long-term care policies to their workers. Still, the number of people with long-term care insurance has increased from 4.5 million in 2000 to 7.25 million in 2014.
14 percent of long-term care applicants ages 50 to 59 are denied coverage due to health issues. 45 percent of applicants ages 70 to 79 are denied.
Well the option they mentioned rarely plays out ...carbon monoxide is rarely going to be the solution , but many think divorce will be a more realistic answer ....but that may have road blocks
Consult with an eldercare attorney and find out the situation in your state.
Relative with a spouse struggling with a long term physically debilitating health situation did this and found out that in her state, she could protect their savings by loaning it to one of their children. It had to be official. Interest rates, regular payments, etc.
But then only the monthly payments counted as income and whatever was loaned was not counted as assets.
She is still working and pays for an attendant to be with him during the day. They are hoping they can hang on this way for years. He's in a wheelchair, incontinent, barely able to feed himself, and has been for years. So not sure how much worse it could get before he could no longer live at home.
Because he needs total care, the cost would be significant. It would wipe them out within two years, leaving her nothing for when she might need care.
Consult with an eldercare attorney and find out the situation in your state.
Relative with a spouse struggling with a long term physically debilitating health situation did this and found out that in her state, she could protect their savings by loaning it to one of their children. It had to be official. Interest rates, regular payments, etc.
But then only the monthly payments counted as income and whatever was loaned was not counted as assets.
She is still working and pays for an attendant to be with him during the day. They are hoping they can hang on this way for years. He's in a wheelchair, incontinent, barely able to feed himself, and has been for years. So not sure how much worse it could get before he could no longer live at home.
Because he needs total care, the cost would be significant. It would wipe them out within two years, leaving her nothing for when she might need care.
Usually you can only preserve half the assets you want to protect from what I read
Here are some interesting stats.. but remember what I said above , statistics mean a lot to insurers but little to us real people since we only have two outcomes ..it is either us it happened to or it is someone else it happened to .
52 percent of people—47 percent of men and 58 percent of women—who reach age 65 will need long-term care in their lifetime.
10 percent of Americans over age 65 have Alzheimer’s disease. This increases to 33 percent among people ages 85 and older. Two-thirds of Americans with Alzheimer’s are women.
The average length of time spent in long-term care is two years (2.5 years for women and 1.5 years for men). Only 14 percent of people need long-term care for five years or more.
As the US population ages, the number of people needing long-term care is on the rise. As a result, long-term care expenditures skyrocketed from $30 billion in 2000 to $225 billion in 2015.
The median yearly cost for weekday adult day care is $18,200.
The median yearly cost for assisted living care is $45,000.
The median yearly cost for nursing home care is nearly $86,000 for a semi-private room and over $97,000 for a private room. These figures vary significantly by location. For instance, the average yearly cost for a private room in a nursing home in Monroe, LA is under $52,000, while in Manhattan, NY, it’s over $215,000.
The median household wealth for adults over age 65 with no disabilities is just over $263,000. As for those with physical or mental limitations, the median household wealth is $94,200.
Unpaid family members and friends provide 83 percent of all long-term care in America, and two-thirds of older adults rely exclusively on free care. The estimated economic value of this unpaid care is $470 billion per year.
65 percent of unpaid long-term caregivers are female, and 25 percent of them are in the “sandwich generation,” meaning they provide care for their aging parents, as well as their children. Another 34 percent are over age 65 themselves.
Medicaid provides care for 62 percent of nursing home residents, which covers 51 percent of all long-term care costs. 20 percent of Medicaid’s total funding goes toward paying long-term care, which is expected to increase by 50 percent between 2016 and 2026.
In 2000, 125 insurers offered standalone long-term care insurance policies. As of 2014, fewer than 15 do. Also, only 20 percent of businesses with 10 employees or more offer long-term care policies to their workers. Still, the number of people with long-term care insurance has increased from 4.5 million in 2000 to 7.25 million in 2014.
14 percent of long-term care applicants ages 50 to 59 are denied coverage due to health issues. 45 percent of applicants ages 70 to 79 are denied.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Going to one of those free meal infomercial this Friday..I may end up buying everyone's meal and pay for the hotel luncheon room. If you are in the east side of Seattle, the meal is on me...
But the 52% referred to above who supposedly need Long Term Care Services encompass the following types of care - some minimal and very short term or intermittent - so the above article has very unnecessary scare tactics lumping together actual long term care with minimal and very short term and intermittent interventions.
The 52% referred to in the article above is from the fact sheet below, and you can see how very minimal needs and short term or intermittent care is lumped with long term care. So it is a deceiving figure.
Fact Sheet
Long-Term Support and Services
Vivian Nguyen, MPA
AARP Public Policy Institute
LTSS, provided for people who live in all types of settings, include
human assistance, supervision, cueing and standby assistance,
assistive technologies and devices, environmental modifications, health maintenance tasks, information, and care and service coordination. Services may be needed on a regular or intermittent basis over a period of several months, years, or a lifetime.
The only questions is which side of a statistic are you on? We only have two outcomes unlike insurers ..it is either it happened to us or it happened to someone else .......it has to happen to someone and it could be you ...it happened to my dad for five long years
Must have been hard for you.
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..I may end up buying everyone's meal and pay for the hotel luncheon room
. If you are in the east side of Seattle, the meal is on me
...
