Understanding the Value of Long Term Care Insurance

Does Medicare and Other Health Insurance Pay for Long-Term Care?

Many Americans mistakenly assume that Medicare or other health insurance will help pay for long-term care costs. This assumption can prove disastrous for many seniors and their families.

For instance, a government study from the Department of Health and Human Services estimated that 75 percent of people who have reached at least their 65th birthday would require at least some services and support in their lifetime. About half of the population who needs this support will need extensive paid services. 

Medicare or family might supply some limited care, but nobody can predict who will need more extensive support for more extended periods. For example, Medicare will cover long-term care inside a facility for at most 100 days and only if the patient requires skilled medical services. Medicare also limits at-home care to beneficiaries who need professional care. At the same time, most long-term care in the United States focuses upon assistance with activities of daily living, like bathing, toileting, and mobility. 

By far, Medicaid pays for most long-term care in the U.S. and not Medicare. Various states set unique requirements to qualify for Medicaid, but they generally require a limited income and assets. These requirements mean that Medicaid recipients often need to spend most of their savings before qualifying for this kind of health insurance. Also, Medicaid will only pay for facilities and caregivers belonging to their contracted network, limiting choice. 

Benefits of Long-Term Care Insurance 

Long-term care insurance refers to a type of health insurance specifically designed to cover long-term care, like nursing homes, assisted living facilities, and home health care. These policies allow covered individuals to select any from licensed facilities and providers. These policies relieve seniors and their families from the burden of providing care or paying for it. 

Why Compare Long-Term Care Insurance Today?

Most of you have saved all your lives to enjoy a comfortable retirement. Nobody aims to become a burden to their family, and most folks hope to leave some of their assets to help their children and grandchildren. All too often, budgets get strained, and families feel the burden when seniors develop chronic medical conditions like Parkinson’s, Alzheimer’s, or severe arthritis. 

Meanwhile, long-term care insurance covers a variety of long-term care needs, such as nursing homes, assisted living facilities, and home care. It helps pay for necessary care that typical health insurance won’t cover, such as assistance with such activities of daily living as hygiene, toileting, or eating a healthy diet. 

As with other kinds of health insurance, insurance companies charge lower rates for younger people. People who have already developed disabling medical problems may pay much more or even get declined for this type of coverage. That’s why prudent retirement planners will compare and buy long-term care insurance earlier rather than later.

Where to Begin Comparing Long-Term Care Insurance?

Unlike Medicare supplements, the government doesn’t standardize long-term care insurance. That makes it tough to sort through the policies to determine which insurance company and policy will offer the best value. Here at The Insurance Hub, our experienced, licensed agents will listen to your story, present you with options, and ensure you’re confident in your choice. Contact us today to get started with an entirely free and no-obligation consultation.

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