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How to pay for Long Term Health Care
Study Shows Need for Awareness on How to Pay for Long-Term Health Care
(NewsUSA) - Many health insurance experts share a belief that the majority of Americans would be unprepared if they were faced with a medical crisis that required long-term care.
And although many Americans, especially the aging baby boomer population, acknowledge they or a loved one may need long-term care, most remain unaware of how to prepare themselves. As a result, when a medical catastrophe occurs, many are forced to finance their care or spend down their assets to become eligible for Medicaid.
A recent study completed for the National Association of Health Underwriters found that most Americans are unaware of the costs of long-term care and many falsely assume Medicare will pay for their care. The NAHU survey found that only one in four respondents correctly identified the national average range of annual long-term care costs. Additionally, 24 percent of Americans incorrectly assume Medicare covers the cost of long-term care.
With nursing-home costs averaging more than $60,000 annually and in-home care even more costly, a call to action is necessary to ensure Americans prepare themselves in the event that long-term care is needed, according to NAHU.
For those planning to rely on government assistance, the truth is that few Americans actually have long-term care bills paid for by government programs. Since Medicare does not cover such costs, Americans are forced to reduce their assets to poverty levels before they can be eligible for Medicaid, the federal-state health care program for the poor. That asset reduction often puts additional financial burden on claimants and their family members - in addition to the costs to taxpayers.
One out of five Americans over the age of 50 is at risk for needing long-term care in the next year. Awareness and preparation are key, particularly if a current medical condition exists that may become more costly over time, say experts with NAHU.
Long term care insurance allows consumers to take control of their financial future and offers an alternative to relying on government-funded programs, for which most Americans do not qualify.
The NAHU study, conducted by Public Opinion Strategies, included 800 adults from both rural and urban markets across the country, representing a diverse range of economic and political backgrounds.
For information about options to prepare for potential long-term care needs or to find a professional agent who sells long-term care insurance, visit www.nahu.org.
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