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In this program, common myths about long-term care will be corrected. Presented by Philip Sahadi, Licensed Agent Specializing in Long Term Care Insurance Solutions Basking Ridge, New Jersey
One of those myths is that Medicare pays for one's nursing home care (it does not), or that the Veterans Administration offers free nursing home care for veterans (it does so only for a small number of severely disabled cases), etc. Also while most people believe that only elderly people use long-term care services, government statistics report that fully 41% of people who make long-term care insurance claims are under the age of 65 (due to increasingly common early-onset Alzheimer’s Disease/Dementia, accidents, etc.).
In New Jersey, long-term care currently can cost over $350 a day per person – that’s more than $130,000 each year – and that over the next 20 years the annual cost for long-term care is projected to increase to almost a quarter-million dollars annually per person here in New Jersey. Most people around here don’t have that kind of money put aside for their own long-term care expenses, and even those who have the money, rarely want to spend their children’s – and grandchildren’s – inheritance on their care if they don’t have to. Fortunately there are alternative ways to fund one's long-term care that can save each person hundreds of thousands of dollars, while preserving their life savings, which the presenter will discuss.
The presenter will also discuss the family dynamics and social issues involved in long-term care.
There will be time for questions.