As people age or become ill, they sometimes need help doing daily tasks like getting dressed, bathing and more. Long-term care (LTC) provides people with those services—but it’s expensive.
Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age. Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life.
The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
Medicaid planning is available provided that a plan is actually made! We work with experts who can facilitate this unlikely strategy for gaining access to care.
Medicare pays a total of 100 days of skilled nursing care. If you need more than this, you will need to pay for it. Nursing home care is expensive! Long term care insurance provides funding should you need this benefit. Life insurance with living benefits may also solve this problem. Let's talk and make a plan so you can get access to extra care without an undeniable financial strain in your final years.