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LONG-TERM CARE INSURANCE

As the general population gets older and lives longer than previous generations, the need for costly Long Term Care has increased.  This includes nursing home care and in-home care services.  Many people are discovering that Long Term Care insurance can help pay for extended care without exhausting their personal finances.  Without Long Term Care insurance, families can find that their savings, homes and other assets are put in jeopardy as they struggle to pay costs.  By planning and researching the various options that a Long Term Care policy can provide, these situations can be avoided.  

Long Term Care is different from traditional medical care.  Traditional medical care tries to treat or cure an illness.  Generally speaking, Long Term Care usually does not improve your medical condition, but it will help you maintain your current lifestyle.  If you need assistance with normal daily activities, such as eating, getting around, and bathing, Long Term Care insurance can cover the costs of such assistance.  

You can get Long Term Care services in the comfort of your own home or in a hospice, adult day care center, nursing home or assisted living facility.  

There are two types of long-term care services:

  • Skilled care is for conditions that require a medical professional, such as a nurse or a therapist. It’s usually provided in a nursing home or other care center.
  • Personal care (sometimes called custodial care) helps you do normal activities. You can get personal care in your home or in a skilled facility.

THE COST OF LONG TERM CARE

Long Term Care can be expensive.  If you were to need Long Term Care services, what financial resources could you count on?  Do you have enough savings to pay for home health care for six months, a year or longer?  What if you needed full time care provided in an assisted living facility or nursing home?  Do you have the resources to pay for that coverage?  

What about Medicare or private health insurance?  Medicare does not pay for custodial care and private health insurance rarely (if at all) will pay for Long Term Care.  If you wanted to qualify for Medicaid (a government program that pays the medical and Long Term Care expenses of people with limited income), your assets such as vehicles, saving accounts and stocks would have to be converted into cash and “spent down” before becoming eligible for Medicaid.  In basic terms, you would have to deplete most of your assets before becoming eligible for Medicaid.  

Remember, Long Term Care insurance helps protect your assets against the high cost of extended Long Term Care.  But not all policies are created equal.  Let us help you navigate through the many options that are available to you (and your spouse).  Having a knowledgable Agent by your side to assist in deciding whether a Long Term Care insurance policy is essential to making the best decision.  At PMRD Insurance Agency LLC, getting the coverage you need is our highest priority.  Contact us today!