Long-term care is assistance you may need over an extended period of time to manage, rather than cure, a chronic condition or to compensate for a limited ability to function.

• Everyone is at risk for needing long-term care and the risk is high.
• Almost 1 in 4 middle-aged adults between the ages of 45 and 64 were limited in activities in 1994 because of a chronic condition.
• A 2005 study found that 69% of people turning 65 years of age will need some long-term care before they die.

The cost of long-term care in Connecticut is very expensive. The statewide average cost for a semi-private room in a Connecticut nursing facility is over $151,000 per year, increasing approximately 5.1% a year since 1988. The average cost inflation rate over the last 5 years has been 2.4%.  With the average length of stay in a nursing facility at 2 ½ years, the average stay costs more than $375,000.

• Medicare covers a very small portion of nursing facility costs.
• Medicaid requires individuals to spend down almost all their assets.
• There are strict rules and penalties for transferring assets to qualify for Medicaid, and these rules keep getting tighter.

About one in three (31%) people entering Connecticut nursing facilities as private pay will eventually spend down their assets and qualify for Medicaid.

There are several ways to manage the risk of Long Term Care.

Call The Jones Group to analyze your particular circumstances and provide the proper risk management solution.