Long-term care
According to the U.S. Department of Health's Long-Term Care website (www.longtermcare.gov) 2015, seniors over the age of 65 have a 70% chance of needing nursing care. But don't think that just because you're young that it's not your problem. According to statistics, nearly 40% of all people receiving care are under the age of 65 in long-term care. Many adults will need long-term care for reasons such as stroke, heart disease, cancer, car accidents, sports accidents and more. But the biggest headache of all is that long-term medical care in the United States is prohibitively expensive.
-
Long-term care can be a significant expense in the United States. The U.S. Department of Health reports that the annual per capita cost of care centers in states such as Seattle, California and Florida, where the Chinese population is concentrated, is about $80,000-100,000, and even higher in Boston, New York and Washington, D.C., where it is about $100,000-250,000. Some people will choose to hire someone to care for them at home, but it also costs about $50-60,000 per year. Imagine, a few years down the road, life savings and wealth can go up in flames.
Many people say, "Doesn't the U.S. have Medicare? The benefits are so good, can't they pay for long-term care? But ironically, many of the people who file bankruptcy because of large medical bills are those who already have health insurance. According to the American Cancer Society survey, more than 67% of medical expenses are actually indirect costs (such as nursing care), which are not covered by Medicare, and patients need to pay out of their own pockets to do so.
Long-term care insurance (Long-term care insurance) mainly applies to the elderly aged 65 or older who have chronic diseases or disabilities and need long-term care, mainly nursing-home care, home care, day care (Adult day care services) and other institutional services, including helping the elderly This includes help with dressing, bathing, and daily living assistance. Traditional long-term care insurance is a stand-alone policy that kicks in when the beneficiary needs it. For example, if the person is unable to perform two of the six daily acts, such as dressing, bathing, eating, etc., or if the person has severe cognitive trauma, such as dementia. Typically, long-term care insurance becomes effective after a waiting period of 30 to 90 days. Another option for long-term care insurance is to combine life insurance and long-term care insurance, so that you can have a traditional insurance policy in addition to long-term care coverage.
