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Long Term Care 

Today, the cost of nursing homes and elderly care is continuing to rise. If you plan now, you can provide you and your family with the coverage you need to protect your assets and maintain financial security that you may need later in life.

In general, if you can't perform daily activities because of impairment as a result of chronic illness or disability, you will need long term care provided by sources such as home health aides, assisted living centers, or nursing homes.

Long Term Care Insurance

Do I need long-term care insurance?

Health insurance rarely pays for the cost of long-term care and Medicare usually doesn't cover custodial care. Medicaid is a program that pays for medical and long-term care expenses for those who meet certain income and asset guidelines. 

In addition, if you have financial security, you may not need long-term care insurance. Many suggest paying for long-term care coverage as the expenses arise, while others don't want to have to spend down their savings to pay for long term care. If you realize you may not qualify for Medicaid and won't have the financial means to cover all your expenses, long-term care insurance offers peace of mind for you and your family.

Some experts have given tips to help you decide whether to purchase long-term care insurance. If the following statements describe you, long-term care insurance may be a good fit for you and your family:

  1. You can afford the cost of the monthly premiums and can still afford the cost if there is an increase in premiums in the future.

  2. Your assets average more than $80K and your annual income averages at least $35K.

  3. Most companies will only write long-term care policies to individuals between the ages of 40 and 84.

These are only guidelines and not rules for obtaining long-term care insurance, and you will need to consult your agent on the policies, details, and requirements. Give us a call today to discuss your options!

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