381 assisted living facilities closed from 2019 through this September!
WHY? They accepted Medicaid (welfare) whose reimbursement is less than the cost to care for their residents.
If you lose money on every customer, can you make it up with volume? Of course not, it just gets worse!
If you need Medicaid to pay for your long term care, the assisted living facilities that want to stay open and in business will reject you. The only choice you will have is the one place you definitely do not want to go – simply because you ran out of money – the nursing home. They have to take Medicaid since they accept Medicare for short recovery stays following 3+ days inpatient in a hospital.
So, can your retirement income handle an extra bill of $50,000 to $90,000 per year? If not, why not insure for this bill that affects so many of us. Health and human services (HHS) says by the time we reach age 65, 70% of us will end up needing long term care. If you do not have the money to pay for this care, you can insure for it, or run out of money and try to find a nursing home that will accept you.
Long term care insurance does not have to be expensive – if chosen appropriately.
I just put in place coverage for a 64 year old female, giving her $9000/month for a year of facility care PLUS $1200/week for a year of home care, a total of $170,400 of money to pay for care, for a monthly premium of $147/month. That is less than most car payments. Why go broke, leave nothing for heirs, and be forced into a nursing home once you find one that will accept you when insurance could pay the bills for you?
Contact www.TheLongTermCareGuy.com at 920 884 3030 to investigate this insurance for you and the ones you care about (like perhaps your parents).