Long-Term Care

Long-term care is a variety of services that includes medical and non-medical care of another person who has a chronic illness or disability.   Long-term care helps meet health or personal needs over an extended period of time.  This help may be required for many of the activities healthy people take for granted such as walking, bathing, dressing, bathroom, feeding, managing pain and other necessary duties of daily living.  Long-term care can be provided at home, in the community, in assisted living or in nursing homes.  It is important to remember that you may need long-term care at any age.  According to Medicare, this year, 9 million men and women over 65 will need long-term care.  Most will be cared for at home with friends and family being the sole caregivers of 70% of elderly.

Medicare does not pay for the custodial part of long term care.  Medicare only pays for medically necessary skilled nursing care or home health care and one must meet certain conditions for Medicare to pay for this. It is important to think of where the funds will come from to pay for long-term care.  For full Medicare details on long-term care see http://www.medicare.gov/longTermCare/static/home.asp.

Long-Term Care Insurance is protection for the future.  Statistics show that we are living longer.  It is no secret that a debilitating disease or accident can wipe out financial assets.  As with any insurance, long-term care is designed to protect us from financially draining long term health problems.  Most, however, believe that it is insurance for the elderly and it is something to be considered in later years.  The truth is that once you become debilitated you cannot qualify for it.  So there are real reasons to consider buying your Long-Term Care policy when you are younger.  For one, it is more affordable, the premiums lock in at the age you apply for it.  More importantly, you will be able to qualify for it while you are still in good health.  This is probably the most important reason to purchase it early. 

No matter how well you have planned for retirement, if you don’t consider protection for long- term care, then you still could be in for financial disaster should a disability happen where you cannot care for yourself.
Long-term care premiums are tax deductible.  Check with your accountant for the tax guidelines on long-term care.

The Long-Term Care Policies we carry are from top rated established companies some of which are said to be the “Gold Standard” for Long-Term Care.  We offer free consultation for Long-term care insurance protection. 

 

 

 

 

.