Long Term Care

Long Term Care Insurance

 What is Long-Term Care?

Long-term care is the kind of care needed by persons requiring assistance or supervision with the everyday activities of daily living due to physical or cognitive impairments or for persons needing medically necessary care for an acute or chronic condition. Care can be provided at home, an adult day care center, an assisted living facility or nursing home.  More than 85% of care today is received outside of a nursing home setting.

Americans are living longer. When you get old, you may get sick. And when you get sick, you will most likely need care. One in three people will need care for five years or longer. Providing that care can have a devastating emotional and financial impact on your family and retirement portfolio.   Establishing a plan in advance about how you would want to be cared for and providing a way to fund that plan could greatly reduce the stress on your family and help protect your retirement portfolio.

Who Pays for Long-Term Care?

Medicare will pay for 100 days in a nursing home if you qualify.

Medi-Cal in California pays a large portion of nursing home expenses for those who have spent down their assets to the state required level ($2000 or less in most states). Even then it may not cover care at home, where many people would prefer to be when receiving care.

Medi-Cal will pay for a Medi-Cal home if you have liquid assets of less than $2,000. You do not want a loved one living in a Medi-Cal home as you get what you pay for.

How to Buy LTC Insurance.

There are a number of options available. A discussion with an honest agent or broker is a necessity to find the best policy for you.