WEBVTT

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Hi again.

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The next 3 minutes, I'm
going to share with you

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three common misunderstandings
or myths surrounding long term care

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planning that you don't know about,
but that you should.

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According to a recent article on Courier
Journal.com, the fastest growing age

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group in the United States,
is people from the age 85 years and older.

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The second largest, fastest growing age
group in the United States is people

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turn the age 100 years and over
and they're called centenarians.

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Did you also know that people

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from the ages, 65 years or older today

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have a 70% chance of some sort of long term
care service

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or support
in the remaining years of their lives?

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And this according to the Association
for Community Living.

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Bill Gates
even donated $50 million to Dementia

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Discovery Fund,
according to the blog back in 2017. 

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Here are some other interesting

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factoids or statistics for any long term care.

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An estimated 6.5 million

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people who are 65 years or older today

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in the United States
have Alzheimer's dementia disease.

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That number is projected
to grow to 13.8 million

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by the year 2060, according

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to ALS Journal dot com.

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On average,
people who have Alzheimer's dementia disease

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live between three and 11 years later
after they're diagnosed.

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Some have been known to live up to 20 years

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or longer, according to the Mayo Clinic.

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The average long term care
claim is about five and a half years,

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and this according to the Association
of Long Term Care.

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And according to Lincoln Financial Group
in California,

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the average annual cost of a private room
as a skilled care

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facility is $135,118

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and $93,600 is the average annual cost

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for a certified home
health aide provided by a home health agency,

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and that

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those costs are projected to grow about 3

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to 5% per year.

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But according to a recent survey

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of Americans, most Americans underestimate

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the cost of long term
care to be about $54,000 a year.

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So that all being said,
you know, longevity is increasing.

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Medicine is improving.

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But Alzheimer's disease and cognitive

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impairments are also on the rise.

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Now, this can have a major consequence

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on a person's finances

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and retirement plan
if they’d be able to plan for this.

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So here are some three common

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myths or misunderstandings from long term
care coverage.

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According to Lincoln Financial Group,
65% of Americans feel

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that Medicare or their health

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insurance plans will cover long
term care costs.

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Now, Medicare is very short
term and limited and doesn't

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cover ongoing care needs like

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bathing, dressing, other active daily living.

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And, you know,

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health insurance and Medicare
are not designed to cover

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skilled care facilities or in-home care.

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And if you do qualify,
they may pay for a portion

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of skilled care costs for up to 100 days only.

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And I just went through this with my mother
about a year ago, so I can attest to all this.

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Another common myth or misunderstanding

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is that Medicaid will cover long
term care costs.

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Now, Medicaid is really a welfare program.

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They only cover custodial care after a person
has spent all their money and assets

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and the coverage is typically poor.

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A final or a third

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common misunderstanding, a myth is that,

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you know, people think that their family

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will help with their long term care needs
if need be.

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Now, the average time required for long

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term care
service in a week is 60 hours of help.

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Do you really want to burden family with that?

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So here's how I tackle this problem
for my clients.

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Number one,
utilize insurance planning solutions

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that could be a good potential bid
for their financial years,

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and just a nice addition to what they're doing
financially.

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Or second, if insurance is not a fit, we’ll
plan for it in their Envision plans.

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So by planning

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ahead, I help protect my client's
assets and also loved one

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who maybe long term care services
down the road.

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So comment below and send me a message
on either LinkedIn or Facebook

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and I'd be happy to send you a weekly market
update report

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titled Looking Ahead.

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See you again soon.