Last year Suze Orman reported that she was paying around $30,000 per month for 2 full time in-home care nurses. She’s doing this for her (then 96 year old) mother because she loves her very much, AND because she can afford it. In this brief video, Suze offers advice on Long Term Care Insurance, and recommends that you get involved with your older parents money before it’s too late.
“If you have older parents, and they’re not talking to you about what they’re doing… I’m asking you to get involved with they’re money!” — Suze Orman
What is Long Term Care Insurance?
Wikipedia has a tight and concise definition that I like: “Long-term care insurance (LTC or LTCI), an insurance product sold in the United States and United Kingdom, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.”
“Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).” — Wikipedia on the benefits of LTC Insurance
Long Term Care Statistics
According to the American Association for Long Term Care Insurance:
- 8.1 Million Americans are protected with long-term care insurance.
- 322,000 new Americans obtain LTC insurance coverage in 2012.
- $6.6 Billion in LTC insurance claims paid (2012).
- Over 264,000 individuals received LTC insurance benefits (2012).