April, 2012
Inspection News and Views from the American Society of Home Inspectors

Why ASHI Added Long-Term Care Insurance to Endorsed Member Benefit Programs


Planning for long-term care is something everyone should do. But many people simply don't. At Norris Pacholick Benefit Advisors (NPBA), we help ASHI members understand the importance of planning and show them why a long-term care insurance policy is something they want to consider.

Long-Term Care Insurance: Five Reasons People Need It
1. The cost of long-term care services is high. The national average cost for a semi-private room in a nursing home is more than $76,000 a year. Care received at home can be costly, too. Homemaker services — help with cooking, cleaning, etc. — run approximately $19 per hour, or more than $36,000 per year based on services received eight hours a day, 20 days a month. And care provided by a home health aide — someone who administers medications, monitors health conditions, etc. — costs even more.
2. Most people haven't saved enough.
Even if you think you've saved enough for a comfortable retirement, you probably aren't planning to use those funds to pay for long-term care services. 
3. You're probably not covered.
Many people mistakenly believe their long-term care costs will be covered by health insurance or Medicare. But health insurance doesn't cover long-term care services. And Medicare provides a limited amount of skilled care to help people get back on their feet after an illness or injury. Medicare doesn't cover custodial care (help with the activities of daily living), which is the type of care most people need. Medicaid, on the other hand, does cover long-term care services, typically in a nursing home, but only for people with limited resources. In order to qualify for long-term care benefits under Medicaid, many people would first have to "spend down" their assets.

4. Most people don't want to become a burden to their families. Sure, family members will step in to help when a loved one needs care, but they may not be able to provide all the care that's needed.

5. Long-term care services aren't just for older people. A prolonged illness or injury can leave people of any age unable to care for themselves. And with medical advances helping to save the lives of people with catastrophic conditions, people who suffer from these conditions may need years of care.

What Norris Pacholick Benefit Advisors (NPBA) can do

Simply getting people to picture themselves needing long-term care services and thinking about what they would do in that situation is an important first step. Then, we can offer the solution — a long-term care policy that can help protect your retirement savings, prolong your independence and preserve your family relationships.

Norris Pacholick Benefit Advisors (NPBA) is an ASHI Affiliate Member and the ASHI-endorsed long-term care provider. Contact John Pacholick at 312-804-1762 or email at info@mynpba.com.