As a population, we are living longer, which may create a need for care:
– More than half the people over age 65 need some type of long-term care
– 41% of long-term claims are for less than one year
– 83% of claims are for home care/assisted living
– 50% of the people receiving long-term care services are under age 65

“I’m not going into a Nursing Home” “The cost of the coverage is too expensive” is why many people do not consider purchasing coverage. These are two of the reasons the industry has created “Short-Term Care” coverage. Many people want to recover from a health issue in their home, if possible. So, what is the cost for this type of service?

Homemaker services (helping with household tasks such as cleaning, cooking and running errands) Monthly cost projection: average 4 hours per day, 5 days per week in Georgia5 for 2018 – $1,647, projected rate by 2028 – $2,213.

Home Health Aid (helping people who live in their own homes instead of a residential care facility – more extensive personal care than family and friends are able to give or have the time or resources to provide) Month cost projection: average 40-hour week in Georgia5 for 2018 – $3,466, projected rate by 2028 – $4,658.

Plans have inflation rider to help keep up with the increasing costs.

(Very liberal underwriting)

Sources of information:
– 2017 U.S. Department of Health and Human Services
– Medicare Skilled Nursing Facility Transparency Data – August 2017
– Commission on Medicare Facts – June 2012
– U.S. Department of Health and Human Services – March 2017
– Genworth Cost of Care Survey – 2018