Long Term Care

What is Long Term Care Insurance?

Long Term Care insurance coverage is available to provide medical and other services to patients who need constant care in their own home, in an assisted living or nursing home facility. Long term care helps with daily activities such as bathing, eating, dressing, skilled nursing care or rehabilitation training (either in a nursing facility or at home), cognitive impairment such as Alzheimer's and other conditions, not cure oriented. Medicare may cover you for 20 days in a “skilled nursing facility” but the average length in a nursing home is 3 years; so you can’t count on Medicare for help.

A big reason to have Long Term Care protection is to protect your “nest egg.” Most financial advisors recommend obtaining this coverage for “asset protection.” Other reasons include: not to be a burden on the family; independence; avoid Medicaid spend down and peace of mind. Peoples life expectancy are increasing and their ability to live with impairments, once thought life threatening, makes Long Term Care increasingly relevant.

Are you thinking, "It can't happen to me,"? Statistics show that it not only can happen, but it is very likely. The odds for using your long term care insurance coverage are higher than other risks you insure against. The odds of a home fire are 1 in 1200, the odds of having automobile damage and/or liability are 1 in 250, the odds of needing your medical insurance are 1 in 15, and the odds of needing long term care are 2 in 5!

Contact Mitch on more details for your specific concerns and needs.

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