(Video) What exactly is long-term care?When is the best time to buy long-term care insurance?

( insurGuru™️Insurance Academy Column) With the continuous development of medical technology and the health industry, the average life expectancy of modern people has also increased, and the aging of the social population has gradually become a challenge and opportunity that many countries are facing.

"60 (years old) is the new 40". On the one hand, such marketing advertisements encourage people to keep their minds young and update their consumption concepts. On the other hand, they also reflect the reality of some "aging" society.The "retirement age" that our parents are looking forward to is no longer a node in the life cycle of modern people.With the extension of the life cycle, more and more groups will face different degrees and types of"Long-term care" issues.

Then,What exactly is long-term care?How many people need long-term care?What services are involved in long-term care? What institutions and auxiliary facilities are there, and social welfare can help us?What age group should buy long-term care insurance?insurGuru™️Insurance AcademyInterpretation of this issue through the following 5 points in the industry column.

1. What is long-term care?

Long-term care, English name is Long-term care, abbreviated as LTC.

From the literal perspective of "long-term care", it is a long-term assistance for people who cannot take care of themselves. "Life cannot take care of yourself" is not limited to mobility and self-control, but also includes cognitive impairments caused by neurological diseases, such as Alzheimer's syndrome.

Long-term nursing care covers a wide range of services. As demand increases, auxiliary facilities are more and more subdivided, and options are gradually diversified.

2. What long-term care options do we have?

Emotionally speaking, we hope to spend the last stage of life in a familiar environment, such as receiving care at home and in the community, but as the actual situation and specific needs increase,We may need to consider providing regular nursing facilities with 24-hour care or the assistance of professional nurses.

In this article, our example will be mainly based on "regular care" facilities, that is, long-term care provided by the social service system, including elderly centers, transit care institutions, nursing homes, hospice care institutions, and so on.

3. CCRC-composite retirement community prices and expenses

In the process of understanding various elderly care institutions and long-term care service providers, the author noticed an organization that is very similar to the ascendant commercial elderly care communities in China, called Continuing Care Retirement Communities, or CCRC for short, and the Chinese name is Continuing Care Retirement Communities. community.

This type of complex community also provides various types of long-term care housing facilities. Residents can enjoy a rich and colorful social life in a healthy condition, and they can also receive professional treatment and care when they need it.

Therefore, the service targets of this type of composite community range from the elderly who can live independently to the people who need 24-hour care and assistance. It has become an important choice for American retirement groups.

Applying to join this type of community requires a "meeting fee" ranging from $20 to $40, plus a monthly fee ranging from $200 to $2500, in addition to some additional services that are billed on a "day" basis.

However, even if you have money, you may not be able to join such an elderly care community.In addition to the gap between the number of elderly groups and the capacity of the CCRC community across the United States, when queuing to apply, physical and mental health checks are usually required. Different communities may even be directly attached to religious or specific clan groups.

4. Common misunderstandings about "long-term care"

The latest data show that 65/1 of people over 3 years old will gradually enter nursing facilities during their lifetime*.Among this group of people, women account for 2/3 of the population, because women generally live longer than men.And many social welfare programs that we think will help us pay for the long-term care costs caused by chronic diseases, for example,The red and blue card (Medicare) and the red and blue card supplementary plan (Medicare supplement) actually only cover emergency expenses, but not the diagnosis and treatment of chronic diseases.

What we have heard is that the government’s Medicaid plan will cover the cost of “long-term care”.But the other side of the matter is that only when the person has almost used up all his assets and no longer has any income, can he qualify for assistance.In reality, it is often just a humanitarian aid provided by the government at the end of a person’s life.

5. Long-term care insurance window period: 50 to 62 years old

along withLong-term care service feesThe proportion of elderly people paying for medical expenses out of their own pockets is also increasing.Many people believe that they can have enough savings to payMedical expenses after retirement, But the reality is that many people underestimate theMedical expenses.

The author takes California as an example. The latest data in 2018 shows*,For people over the age of 65, the median annual cost of home health aide services is $5. A room shared with others in a licensed nursing facility (Skilled Nursing Facility) The median price is $4.

而加州的护理开销每年再以3%-4%的速度复利增长。假设每年花销增长为3%，10年过后这两项服务的中位价格会增涨到$8万和$16万美金；20年后增涨到$10万和$18万。

Article summary

Through the columnist’s contribution to retirement and pensionsLong-term care service feesAccording to the introduction, we can say unceremoniously that the American medical system is like a giant life toll station operated by the government—almost every Chinese who works hard on the road of life cannot avoid this system design in the end.

Therefore, in the personal financial planning of life,Configuration can pay"Long-term care"Service cost insurance is an important part of risk management to ensure a quality retirement life..And for most families,The age between 50 and 62 is a reasonable window of time to purchase long-term care insurance.

Simultaneously,American Life Insurance Guide©️ and insurGuru™️ Insurance Academy jointly selectedWith the theme of "getting old"The life sharing video of the witnesses (duration 3 minutes).At the same time, we will continue to share more stories about "retirement life" in the coming time.In the coming 2020, the American Life Insurance Guide©️ Wish all readers who watch the video can have such a pleasant life mentality and life experience.