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The Truth Certainly Stings

Posted on September 14, 2021 in: General News

The Truth Certainly Stings

KofC Insurance Report

More than 70 percent of Americans over the age of 65 will need long-term care services at some point in their lives, according to a study by the U.S. Department of Health and Human Services. If that doesn’t open eyes, consider the following HHS statistic: Anyone reaching the age of 65 years has a 40 percent chance of entering a nursing home, with a 20 percent chance of staying there for at least five years. (https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html)

 

 

Employer-provided health insurance — generally, all health insurance — does not provide coverage for long-term care. If you’re thinking that Medicare will absorb the related costs, you’re wrong. Medicare only covers up to 100 days of long-term care, but only if you’ve previously been in a hospital for three consecutive days prior to needing long-term services. Additionally, only the first 20 days are covered in full; the remaining 80 require a daily co-payment. Medicaid, you say? Sure, but only if you’re indigent — in a word, broke.

If one requires extended long-term care in a nursing home, the associated uninsured expenses may lead to just that.

 

WhatCareCosts.com/knightsofcolumbus/kofc

The average cost of a semi-private room in a nursing home at $97,090 a year, or $266 a day. A private room is $303 a day, or $110,595 a year. These are average costs, bear in mind. In states like Connecticut, Massachusetts, and New York, it is not uncommon for the expense to exceed $150,000 annually or more.

Talk to your Knights of Columbus Field Agent about how he can help customize a plan to help you pay for the care you may need someday.

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