Long-term Care Insurance should be the primary foundation for protecting your senior years. Too often most people believe “LTC” is for nursing home care. Per the US Government, 70% of seniors will use some form of Long-term Care in their lifetime. Not having Long-term Care Insurance is not only a financial burden but will also be an emotional one for your family if they must provide your care.
Key Points Regarding Long-term Care Insurance
Medicare Will Not Pay for Long-term Care
Medicare will only pay up to 100 days of a skilled nursing facility and will have very limited benefits for in-home health care. Medicare is essentially health insurance and once it is determined you can’t be rehabilitated, coverage will cease.
Frequently Asked Questions About Long-term Care Insurance
Long-term Care Insurance policies vary in benefits offered. Typically, we recommend a program that pays you directly once you qualify to receive Long-term Care benefit payments. This will allow you to have total control on what care, and services that you need. Some examples of covered services are: in-home care, ramp built at your home, skilled nursing facility, housekeeper, companion to visit a few days a week.
This depends on when coverage is purchased. We suggest that you buy a Long-term Care policy prior to age 60, and while you are in good health.
You should purchase LTC coverage through a Long-term Care Certified insurance agent. These agents must go through a rigorous training process and must complete continuing education requirements to maintain their certification. With so many options it’s important to have an expert on your side.