| According to the National Center for Health | | | | recent claims study that claimants were being paid |
| Statistics, some 1.6 million people currently reside | | | | claims longer for stays in assisted living facilities |
| in nursing homes. That number is likely to increase | | | | than they were for nursing home stays. In the |
| significantly as baby boomers become seniors. | | | | same study, the average length (days) of home |
| This year, the first baby boomers turned 60 | | | | care on claims filed from 12/1/1974 through 6/4 |
| years old, and most of them are ill prepared for | | | | 2004 was 523 days. What does that mean? Could |
| what the future holds if they live a long time. | | | | it be that people with long term care insurance |
| Recent legislation makes it more difficult for | | | | policies want to stay home and their policy helps |
| Americans of limited means to depend on help | | | | them do just that? As percentage claims filed this |
| from the government to pay for nursing home | | | | year by policyholders of the insurance company |
| costs through Medicaid. The Deficit Reduction Act, | | | | with the most LTC insurance policyholders |
| signed into law in by President Bush in February of | | | | (Genworth Financial, formerly GE Financial |
| 2006, tightens restrictions for nursing home | | | | Assurance) was over 75% were home care |
| eligibility to anyone who gives away assets to | | | | claims. Given the new law, the Deficit Reduction |
| charities or family members for less than fair | | | | Act, and what you think your chances are of |
| market value. The so-called "look-back period" for | | | | needing care before you pass away, does it |
| these asset transfers has been extended from | | | | make sense to self-insure? A lot of people do not |
| three years to five. | | | | think so. Many think of this insurance the same |
| Staying Self Insured | | | | way they think of car insurance, fire insurance |
| The average daily room rate for a private room | | | | and major medical insurance. They are hoping |
| in a nursing home in North Carolina is $168.74 per | | | | they waste their money and never have to file a |
| day ($61,590 per year). In South Carolina, the | | | | claim. They do not think it is smart to gamble. |
| average for a private room is $151.97* ($55,469 | | | | If you do decide that long term care insurance is |
| per year). The average length of stay in a nursing | | | | a sensible way to plan for long term care, obtain |
| home facility is about two-and-a-half years, | | | | A Shoppers Guide to Long-Term Care Insurance |
| according to the National Center for Health | | | | from your Department of Insurance or from a |
| Statistics. If the rate of inflation was just 5% you | | | | long term care insurance specialist, and study it. In |
| could expect the average cost of nursing homes | | | | most states, state law requires any insurance |
| to double by 2021. If a baby boomer turned 60 | | | | companies or agent you meet with to give you |
| this year and had a stroke at 75 years of age, he | | | | this guide to help you better understand long-term |
| could expect to pay well over $250,000 for a | | | | care insurance and decide which, if any, policy to |
| two-and-a-half year stay in a Carolina nursing | | | | buy. Call the number below for a free Shopper's |
| home, - but - who is average? | | | | Guide and a free copy of a 16 page booklet, |
| Genworth Financial, one of the leaders in the long | | | | Should I Buy Long Term Care Insurance? Or |
| term care insurance industry, found in their most | | | | Would I Prefer Crisis Management? |