(Vocus) February 17, 2010
LifeCard Plus recognizes that no one is exempt from the risk of needing long term care. Some estimates suggest that the probability of needing long term care in one’s lifetime is as high as 1 in 2. This risk is significantly higher than the probability of having a hospital stay costing $30,000 (1 in 15) or of having a car accident (1 in 240). Yet most people who have health insurance do not have long term care insurance. Ironically, the higher the probability of a life altering event, the less likely people are to be insured against its associated costs.
Individuals who wait too long to start planning place their loved ones in the difficult position of deciding how to pay for long term care. The cost of long term care, whether home health aide, assisted living, or nursing home, ranges from approximately $280 to $500 per day. The national average use of long term care is approximately 30 months. The simple math suggests that half of us will need to spend between $256,000 and $457,000 on long term care in a lifetime.
Since both long term care insurance policies and Medicare have coverage limits, Medicaid may provide a necessary safety net to cover long term care costs. While all Americans over the age of 65 are eligible for Medicare coverage, only those who meet low income and asset guidelines qualify for Medicaid coverage. To achieve eligibility for Medicaid coverage, an individual must “spend down” his or her assets, thereby depleting life savings and leaving no legacy for loved ones.
LifeCard Plus Trust Control and Protection membership provides uniquely personalized solutions to safeguard assets and decrees from spend down provisions and associated taxes, ensuring that their legacy will not be depleted by long term care costs. With LifeCard Plus, members can make changes to base documents at any time as life circumstances change, thereby saving on legal fees. Additionally, members receive risk analysis and existing policy review as well as exclusive members’ only discounts on estate settlement services.
All levels of LifeCard Plus membership safeguard members’ health care wishes and medical records in an online encrypted electronic storage center for just pennies a day. The password-protected Client Center allows members unlimited access to upload, update and maintain LifeCard Plus documents, such as Durable Power of Attorney for Health Care, Durable Agent Notices, Advance Directives, and Living Wills. Members also can upload medical documents and test results, keeping their medical profile current and accessible to authorized medical personnel, thereby enhancing the quality of the medical care they receive.
Savvy individuals will not wait for the government to address the issue of long term care in health care reform. They will be prepared for the cost of long term care and safeguard their health care wishes and assets now. LifeCard Plus provides industry leading security, flexibility, and affordability.
To sign up now or for more information:
Contact the LifeCard Plus Help Desk: 800-530-2931