What is long term care insurance?
A long term care (LTC) insurance policy helps cover the cost of long term care,
picking up where health and disability insurance leave off. LTC refers to help
with daily activities -- such as eating, bathing or dressing -- over an extended period of time.
It can also include help for those suffering from a severe cognitive impairment such as Alzheimer's
disease. LTC is generally provided in the patient's home. an assisted living facility or a nursing home.
Why would I want long term care insurance?
Because:
at some point in your life there is a strong probability that you may need LTC
2. LTC is very expensive. The national average cost of a semi-private
room in a nursing home is now 570.000 annually. By 2030. the average
annual cost of nursing home care is expected to exceed SI90,000 per year
3. in most cases, health and disability insurance cover only a fraction of LTC costs.
Don't expect much help from Medicare or Medicaid either. Medicare pays for skilled
care, however it if for a limited period of time and generally does not purely cover
custodial care (other than incidental homemaker services).
Medicaid covers some long term care, but not until you (and your spouse) "spend
down" nearly all of your assets.
Ask our team of insurance experts about Medicare Supplements that cover
what Medicare or Medicaid does not.
Ask your Palm Beach Insurance representative how they can help maximize
your savings and investments!