Unity One Credit Union partners with Allegiant Wealth Management, an agency of Mass Mutual, to bring our members information on what they want to hear. Join us Thursday, September 20 for a Lunch & Learn focusing on long-term care at the Campus Branch at 11:30 a.m. If you can't make it, check the credit union Web site and Facebook page for upcoming educational events. Your credit union is with you every step of the way.
According to Kiplinger.com, a source for financial advice and forecasts, the following are ten things you should know about long-term care:
- Long-term care is needed when you require assistance with every day activities like bathing, dressing and eating.
- On average, 70 percent of individuals over the age of 65 will require some type of long-term care. However, some people may need care at any age because of an accident or lifelong disability. Over 40 percent of people currently receiving care are adults 18-64 years-old.
- The average cost of a private room in a nursing home in 2011 was over $87,000.
- In 2011, the average cost of assisted living was more than $41,000 per year.
- Medicare does not cover personal or custodial care, which is a large piece of long-term care services.
- Rules regarding Medicaid vary from state to state, but generally individuals must spend down their assets to their last $2,000 to qualify for Medicaid-paid long-term care.
- There are more stringent policies in place to make it harder to give away assets to look "poor" enough on paper to qualify for Medicaid. The government can look at financial transactions five years prior.
- Long-term care can allow you to choose where you receive care, whether that be at your home, an assisted-living facility or nursing home.
- The younger you are when buying a policy, the less expensive it will be.
- A policy covering three to five years is adequate for most people.
This list will leave you with a ton of questions and most likely the need to speak with someone in more depth. Take advantage of experts featured at credit union Lunch & Learns. Unity One Credit Union is your source for all things financial.