Why do I need Long-Term Care Insurance if I or a family member will be covered by Medicare at 65?
Unfortunately, Medicare provides very little coverage of long-term care.
Imagine a man in his 70s who breaks his hip, tripping on the sidewalk. After he’s been in the hospital for a few days he’s ready to be discharged but not well enough to go home. That’s when Medicare coverage at a Skilled Nursing Facility kicks in:
- Days 1–20: All costs are covered by Medicare
- Days 21–100: Patient is responsible for $176 coinsurance per day
- Days 101 and beyond: Patient, or their family, is responsible for all costs.
Another man in his 70s has Alzheimer’s and needs custodial care. Custodial care includes assistance bathing, dressing, using the bathroom, or eating. This gentleman would need to go to a nursing home.
- Medicare provides $0 for custodial care in a nursing home
The full cost of this Alzheimer’s patient must be paid by the recipient or their family.
Alzheimer’s care in the New York area can be as high as $700,000
What does Long-Term Care Insurance cover?
Policies and Long-Term Care policy riders typically cover the cost of home care, plus assisted living, nursing home, and Alzheimer’s facilities. If home care coverage is purchased, make sure your policy covers independent aides versus agency aides, so you can save money. Since Long-Term Care (LTC) Insurance policies and riders vary, I have schooled myself in the best of the best and can help you choose the best policy for you.
An LTC policy assures quality care for your family while preserving savings so you don’t wipe out an inheritance for a spouse or child.
As a provider of home care services and a Certified Financial Planner, I can answer any questions you or a loved one may have about Long-Term Care Insurance. If you’re
looking for Life Insurance there’s now a combined option — Hybrid Life/Long-Term Care Insurance.
Have questions? Want to know more about how to provide for you or your family’s long-term care? Please contact me at 917-715-2233 or click here.