Long-term care coverage can help pay for home health care, nursing home costs, adult day care and other qualifying services. Benefits are paid tax-free after qualifying conditions are met.1) If you never need long-term care, your beneficiaries will receive your death benefit, tax-free.
An estimated 70% of people over 65 need long-term care at some point in their lives.2) And contrary to what many people believe, health insurance won’t cover the cost of long-term care. Neither will Medicaid if you have more than $2,000 in assets.3) Medicare will cover some long-term care costs, but only up to 100 days. And only following a three-consecutive-day stay in a hospital, while undergoing treatment.
We can sit with you and your family to assess and look at long-term care insurance costs and whether it makes sense for you to get long-term care coverage with your life insurance policy or get a stand-alone policy.
1) You must meet certain qualifying conditions and a waiting period before benefits will be paid.
2) Medicare & You 2014, U.S. Department of Health and Human Services, September 2013.
3) Countable assets according to Medicaid regulations; varies by state.