How Do You Pay for Long-Term Care? A Guide to Insurance, Costs, and Planning Options
Many people dismiss the subject of Long-Term Care (LTC) Insurance:
1) “I’ll self insure”
2) “I don’t need it.”
3) “I’m too old or too sick.”
4) “Insurance is too expensive or too confusing.”
Consider the consequences to your family of figuring out care and paying for it in a crisis.
LTC insurance comes in 3 broad categories:
1) Traditional LTC Insurance
2) Hybrid Life/LTC Insurance
3) Short Term Care Insurance
Questions we can answer
Do I need Long-Term Care insurance?
Yes, because of the consequences to your family.
Does Medicare or Medicaid pay for long-term care?
No—Medicare does not pay for most long-term care, such as help with bathing, dressing,
eating, or living in an assisted living facility. It only covers short-term skilled nursing or rehab
after a hospital stay, but ongoing custodial care is generally not included.
Can I get a policy that will pay for long-term care at home?
Yes, most long-term care insurance policies will pay for in-home care, covering both medical
and personal assistance. Home health care insurance allows you to stay in your home longer.
Can I get long-term care insurance having preexisting conditions?
It depends on the condition and its severity. Long-term care insurance requires medical
underwriting, so some preexisting conditions—like advanced Alzheimer’s, or recent
cancer—may disqualify you, while more common, manageable conditions (such as controlled
high blood pressure or diabetes) may still be insurable, though possibly at higher premiums or
with limited benefits. Please don’t disqualify yourself; We have options for people with health
conditions.
How do I help my parents with their long-term care situation?
Evaluate your parents’ care needs and preferences, then match them with suitable care options
and financial resources. Make sure legal documents are in place and seek professional help if
needed. We can refer you to an aging life care professional.
Need a plan?
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Contact us today with any questions, concerns, or just to stay connected.
