Long-term care insurance coverage can help pay for home health care, nursing home costs, adult day car
e and other qualifying services. Benefits are paid tax-free after qualifying conditions are met.1 If you never need long-term care, your beneficiaries will receive your death benefit, tax-free.
What does long-term care insurance cover?
Long-term care insurance can help pay for:
- Home health care
- Nursing home costs
- Assisted living facilities
- Adult daycare
- Home modifications (such as outdoor ramps or grab bars for bathrooms)
- Care coordination
Do I need long-term care insurance?
Most people over 65 have a chance of needing some type of long-term care support in their life.2 And contrary to what many people believe, health insurance won’t cover the cost of long-term care. Neither will Medicaid if you have more than $2,000 in assets.3 Medicare will cover some long-term care costs, but only up to 100 days. And only following a three-consecutive-day stay in a hospital, while undergoing treatment.
If you’re interested in long-term care, you may want to consider life insurance policies that let you purchase a long-term care rider at an additional cost.
How much does long-term care insurance cost?
I will explain the different aspects of a long-term care insurance policy and also get competing quotes from different companies to find the right policy for you.
Ready to take the next step?
Determining the right insurance coverage for your needs is an important decision.
Book a consultation today to learn more.
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[1] You must meet certain qualifying conditions and a waiting period before benefits will be paid.
[2] Most older adults are likely to need and use long-term services and supports, ASPE Issue Brief, January 2021.
[3] Countable assets according to Medicaid regulations; varies by state.
