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0 Important Notice The following presentation has been developed and approved for use by authorized producers and agents of the insurers of American General Life Companies. This presentation must be used with the accompanying narrative notes which are included in the presentation. You must take the following steps to access these notes: Save the presentation to your laptop or PC Open the saved presentation; then click the View option in your menu bar in the upper left corner of your screen From the View drop down, click Notes Page This will open the presentation with the narrative notes at the bottom of each slide. When making the presentation, these notes must be used without modification. Please contact your American General Life Companies representative with additional questions.
1 Long Term Care Insurance Freedom. Choices. Independence. NAME TITLE ORGANIZATION
2 What exactly is long term care? Help with daily activities such as eating, bathing or dressing Care can take place in your home, an assisted-living facility, an adult day care center or a nursing home It encompasses services available in the community, such as visiting nurses, home health aides, home-delivered meals, housekeeping services and adult day care centers Also covers respite care that provides support to the primary caregiver, enabling him or her to take a break
3 Who provides care 1 ? Most long-term care – about 80 percent – is provided by unpaid caregivers, such as family and friends At least 6 out of 10 of these caregivers are also employed in the paid workforce 42 percent are over the age of 50 1 Eckenwiler, Lisa, Center for American Progress, Caring about Long-Term Care; an Ethical Framework for Caregiving (2007)
4 Who needs long term care? Only 37% of Americans believe they will ever need long-term care 2 Fact: 67% of Americans will indeed need long-term care after the age of 65 2 And women are more at risk than men 3 … 2 AARPs Public Policy Institute 3 U.S. Department of Health and Human Services, National Clearinghouse for Long Term Care Information, www.longtermcare.gov
5 The cost of long term care 4 National averages: Home health aide = $1,972 per month Assisted living = $3,008 per month Nursing home = $6,357 per month In Illinois: Home health aide = $2,210 per month Assisted living = $3,732 per month Nursing home = $5,414 per month 4 U.S. Department of Health and Human Services, National Clearinghouse for Long Term Care Information, www.longtermcare.gov. Monthly home care calculation based on 2008 national average hourly rate of $29 and 17 hours of care per week for 4 weeks per National Claimant Study. Monthly nursing home calculation based on 2008 national average daily rate of $209 for 365 days divided by 12 months.
6 Paying for long term care Self insure Medicare Medicare supplemental insurance Medicaid CLASS Act Long term care insurance Medicare does not pay for long-term care, so you may want to consider options for private insurance. Source: Social Security Statement; Social Security Administration
7 What is long term care insurance? It enables you to obtain the quality of care you want, where you want It can help you and your family avoid financial strain during a potentially difficult time Can also help maintain your independence and your quality of life Freedom. Choices. Independence.
8 9 things to look for before you buy… 1.Stay at home benefits 2.Flexible benefit options 3.Inflation protection 4.Calendar day elimination period 5.Claiming benefits 6.Cash benefit 7.Monthly rather than daily benefits 8.Buy the best you can … but buy something 9.Seek out professional advice