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Are You Already Covered?

Perhaps you've already put together your will, established a trust, and completed other planning documents. Or maybe you're just initiating the planning process now. In any case, be aware that many people do not have sufficient coverage for their long term care needs. Just because you have disability insurance or health insurance does not mean that you will qualify for the kind of assistance you might need if you get sick for a long time. These policies will not likely cover nursing home care, assisted living, etc.

To that end, let's look more closely at some options you might have to pay for care.

Medicare

This federal benefits program provides insurance for Americans ages 65 and up. It can pay for certain medical and hospital bills. Medicare also provides assistance for some qualified disabled and sick people. Medicare can pay for home healthcare but only under certain very specific circumstances. In general, the program will pay for 100 days of nursing home care per benefit period. For the first 20 days of nursing care, you can get 100% reimbursement. But from the day 20 to day 100 of that benefit period, you will need to provide a co-payment.

Medicaid

Medicaid is another government benefits program that allocates benefits based on your assets and income history. In the majority of states, Medicaid can only be used to pay for care at certain nursing homes. In other states, Medicaid can provide benefits for long term care based at home. But this coverage is limited, and it varies from state to state.

Your Assets and Income

You can always liquidate your assets and income to pay for long term care. But if you've spent a lifetime accruing these assets – and you hope to pass some money on to beneficiaries – draining your savings can be a hard pill to swallow.

Friends and Family

Your friends and family can provide a bastion of support and help you deal with your care needs. Over a longer amount of time, however, this burden can profoundly impact the caregiver's work, life, and personal freedom. Caring for a chronically sick or ill relative can create negative mental and physical health impacts.

Long Term Care Insurance

Of all the options, long term care insurance is one of the most appealing. It has the potential to shield your income and assets if/when you do need help. It can protect your family members from having to take on significant care burdens for you. It can empower you to choose where you want to receive care – at home, for instance, instead of at a nursing home. Insurance also gives you the option to retain independence and autonomy during your golden years and be more involved in your healthcare and planning decisions.

 

For More Information

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Wealth Counselors, LLC
8153 North Main Street
Dayton Ohio 45415
Telephone: 937-898-5583
Tollfree: 877-483-6730
Fax: 937-898-5584
E-mail: info@wealthcounselorsins.com

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