One of the biggest misconceptions Medicare beneficiaries have is mistakenly thinking that Medicare will foot the bill for long-term care needs. Don’t make that mistake.
What is Long Term Care Insurance?
As people age or become ill, they sometimes need help doing daily tasks like getting dressed, bathing and more. Unlike traditional health insurance, long-term care insurance is designed to cover long-term services like these in a variety of settings such as your home, a community organization, or another facility.
What Does Long-Term Care Insurance Cover?
- Nursing home care
- Assisted living facilities
- Adult daycare services
- In-home care
- Home modification
- Care coordination
On average, nursing facilities providing skilled care charge $150 to $300 per day—$80,000 per year or more.
Custodial home care at three visits per week can cost more than $9,000 each year.
What about Medicare or Medicaid?
Medicare will cover a portion of at-home care and a short time in a nursing home. But there are very specific situations you have to meet to qualify for the Medicare coverage. In the vast majority of cases, you’ll be responsible for paying for these charges out-of-pocket.
While Medicaid will currently cover long-term care expenses, many doctors are reducing the number of Medicaid patients they accept, making access to healthcare more difficult for Medicaid recipients than those with private insurance.
While Medicaid will currently cover long-term care expenses, many doctors are reducing the number of Medicaid patients they accept, making access to healthcare more difficult for Medicaid recipients than those with private insurance.
Why You Need Long-Term Care Insurance
Purchasing long-term care insurance will give you peace of mind. You’ll know that if you become ill, you can afford the care you need. Plus, your kids won’t be burdened with huge payments for your care. Long-term care insurance plans will pay for your care, even if you are diagnosed with a chronic health condition or disability. This could be care in a nursing home, an assisted living facility, or in your home.
As your adviser, I can help you develop an affordable plan that works for your unique situation. Let’s spend 30 minutes discussing a plan for your care. No pressure – just an honest conversation.