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I’m Sick for Much Longer than I Expected. How Do I Cover That? What is the Cost of Long Term Care Insurance ?

Some people will find themselves in need of care not covered under their existing medical-insurance plans. Some illnesses require long-term-care, which often exceeds the limitations set in medical-insurance policies. For these individuals, long-term-care insurance provides a means to pay for non-traditional care-settings except for nursing-homes, for which the insured can purchase a separate policy.  An unforeseen accident can result in the need for extended care in many different settings. Some illnesses may require the insured to receive in home care. The US Department of Health and Human Services (USDHHS) identifies the base cost for a home-health aide at $21 per hour. Imagine that cost for 24-hour care for two months; it’s more than $30,000. This cost doesn’t reflect the cost of medical and therapy equipment required for proper home-healthcare. Some people may need once or twice weekly visits from home-healthcare, but the medical-insurance may not cover these costs either. Why? This type of care still falls under the definition of long-term-care. Unfortunately, this story repeats itself countless times every day, and many people fail to purchase protection against it, long-term-care-insurance. 


Long Term Care Insurance Quotes

Another rarely known aspect of long-term-care involves specialized hospitals known as LTAC units, or Long-Term-Acute-Care units. These facilities operate much like a bridge between the acuity found in hospital intensive-care-units and nursing-homes. Patients in these facilities tend to have a stay of approximately 30-60 days longer than a traditional hospitalization. It’s common to find many patients breathing through the assistance of ventilators and receiving intense IV therapy through central-line ports. A central line describes a catheter inserted below the clavicle, in the groin, or through the artery in the center of the upper arm. This IV site poses a large health risk to the individual. Pathogens can easily migrate into the body through this access point. Furthermore, their proximity to the heart enables rapid transportation of pathogens throughout the entire body. This type of IV port prevents patients from being accepted into home-health or nursing-home long-term-care settings.  LTAC units have full ICU capability at a lower cost to the hospital than direct ICU hospitalization. The nurse-to-patient ratio depends on the acuity, but usually stays at two or three patients per nurse. Therefore, the daily cost of staying in one of these facilities costs approximately $1000-$1500, which is less than the $3200 per day cost in a hospital. Of course, this doesn’t include the cost of medical supplies used in the care for the patient. As an added benefit, LTAC units have physical, occupational, and speech therapists on-site to assist in a patient’s recovery. Part of the recovery process requires follow-up visits to physicians or therapies. Long-term-care-insurance can pay for these visits when the allocated medical-insurance has been depleted. A single therapy session can cost $100 or more, and the medical-insurance can still deny the claim on the basis of being part of long-term-care. 


How Much Does Long Term Care Insurance Cost ?

The trouble finding uninsured people means to pay for long-term-care doesn’t end with the costs of equipment and caregivers. The amount of stress rises drastically considering people in need of care will no longer be earning a source of income.  The chances for most individuals to need long-term-care remain minimal, and this results in low-monthly premiums for long-term-care-insurance. With little money at risk, a person can insure his protection against the amount of debt incurred from receiving this facet of care. Without government intervention, the only way to pay for this care remains the benefits of having a long-term-care-insurance policy. Even with government assistance, part of the cost of this type of care transfers to the recipient in the form of co-pays. The trial through a long-term-care-requiring illness still results in copays in excess of $6000-$2000. Few people experiencing any form of illness have the financial backing necessary to meet this debt.