Long Term Care Insurance
Long-term care is a service that provides medical and non-medical care to people who have chronic illnesses and disabilities, as well as people who need assistance with day-to-day living.
Now that people are living longer lives, retirees often find long-term care is a necessity during their retirement. Long-term care can be provided in your personal home as well as nursing homes.
According to www.longtermcare.gov, 21 million people required long-term care services and about 70% of people over the age of 65 required this service at some point during their lives.
Protect yourself and your spouse from the huge financial burden of future medical care. Your health is your most important asset, and it can become difficult to come up with the extra money at the time of a medical incident.
Doesn't Medicare Cover My Medical Needs?
Medicare does not cover "custodial" care, which is assistance with day-to-day living. Medicare only covers "skilled" care such as dispensing medicine, medical tests and diagnosis, etc. However, assistance with bathing, using the restroom, eating, household chores, etc ... are considered “custodial” care and are not covered by Medicare.
Preparing for the unexpected is a wise choice when it comes to healthcare. Having a long-term care policy could end up saving you hundreds of thousands of dollars.
Having a long-term care policy helps protect your assets from being liquidated in order to help pay for the medical care you or your spouse may need.
What does Long-Term Care Insurance Cover?
Long-term care is designed to help policyholders with chronic illnesses or disabilities. LTC helps pay for day-to-day living tasks such as: