Long-Term Care insurance is probably not for everyone; if you have assets you want to protect to help support a surviving spouse or to pass to your heirs and your assets are over $300,000, it makes sense to buy Long-Term Care Insurance. Otherwise it probably is better to conserve your cash flow and take your chances with Medicaid if you ever need long term care services. Long term care insurance expenses can diminish your savings quite quickly. Contrary to popular belief, health insurance policies and Medicare do not pay for long-term care insurance expenses.
Long-Term Care Insurance not only takes care of your extended care insurance expenses, but it also offers you the freedom to choose long-term care insurance service from your preferred nursing facility. You get to choose your roommate (severely ill Alzheimer’s patient?) or lack of one.
Long-Term Care Insurance covers the following costs:
- Daily activities, such as bathing, dressing and eating
- Adult day care insurance
- Skilled nursing care insurance or rehabilitation, either in a nursing facility or at home
- Visiting nurses
- Cognitive impairment, such as Alzheimer’s or senile dementia
Long Term Care insurance protection can be purchased expense based like car insurance (pay premium and if never a claim, no return) or it can be purchased as an asset based plan where you are guaranteed a return. The second type requires you to already own/have the asset like a CD, annuity or cash value life insurance.
Long-Term Care Insurance may sound complex, but we can make sure the entire process of getting the most suitable policy and is tailored specifically for you.