Long Term Care
Long Term Care insurance is designed to care for you when you may need assistance in daily living and can cover a variety of scenarios, from in-home health care aids to assisted living or skilled nursing facilities. Neither employer-provided health insurance benefits or Medicare offer comprehensive long-term care coverage, and the coverage that Medicare does offer is limited to strict scenarios and may have time limits that do not realistically address your needs.
Medicaid will pay for long-term care coverage, but has strict income and asset guidelines, which vary from state to state. If you have a chronic illness or disability, not having long-term care coverage may result in your depleting your assets in order to pay for that care. A flexible long-term care policy will pay for your care in a variety of services, and may even pay for things like adult day care, visiting nurses, and other associated costs such as home modifications.
The younger and healthier you are, the less expensive it will be to find long term care coverage. In fact, by the time you need the coverage, you may find that you can no longer get premiums that you can afford. Not all people need long term care coverage. If you are already struggling financially, Medicaid may cover the costs for your long-term care. Discussing long-term care options with an insurance agent is one way to begin investigating which option is best for you.