Ken Parson, owner of Triangle Health Solutions, spoke to the club about long term care financing issues and options. Ken is a member of the Chapel Hill Rotary Club. 50% of Americans above age 40 believe almost everyone will need long-term care but just 25% believe they will need it themselves. Costs In NC? 2016 Nursing Home: Semi-private $79,927; Projected 2041 Nursing Home: Semi-private $167,349; 2016 Home Health: $26,351; Projected 2041 Home Health: $55,173. What are the Long Term Care options? Medicare, Medicaid, Long Term Care Ins., Home Health Care Ins., Life Ins. w/ LTC, Annuity w/ LTC and Self Pay. There are several myths associated with LTC:
Myth #1 – It Won’t Happen To Me
Reality: 70 % of all individuals turning 65 will need some form of long-term care during their lifetime.
Myth #2 – Medicare & Medicaid Cover Me
Reality: Medicare only covers a portion of nursing homes up to 100 days* and no long-term care. And Medicaid is only available to those with limited assets and income.
Myth #3 – That’s What My Savings Are For
Reality: The national average cost for a private room in a licensed nursing home is over $97,000 per year. Financial professionals estimate that clients facing an unplanned care event may spend their savings 2-3 times faster than planned.
Myth #4 – My Family Will Be Able To Care For Me
Reality: Women caring for ill parents are twice as likely as non-caregivers to experience depression or anxiety. The overall cost to a female caregiver is estimated at almost $325,000 because of lost wages and diminished working hours.
Ken concluded that healthy habits & lifestyle are very important. Look at the long term care coverage options vs. your desires & budget. Having a plan in place gives you options and assures that your wishes are honored. Get your plan together and share it.
Video of his presentation is available below and on YouTube:
Other Club News:
- Past President and Past District Governor Matt Kane addressed the club about the June 11-14th Rotary International Convention taking place in Atlanta. The district is chartering busses for attendees from District 7710. The cost will be cheaper than parking in Atlanta.
- Guests Guests Wanda Urbanska and Craig Dunkley attended the meeting and are considering joining our club. Both work for Waste Zero.