Long-term care can be a stressful topic for many of us as we plan for the future. However, as Americans have aged and healthcare has changed, long-term care has become more diverse and can better meet the needs of those who require it. Here are the most common long-term care options to consider.
Medicare typically offers short-term or limited coverage for medically necessary nursing facilities or home healthcare. It does not cover ongoing care or help with personal care, such as bathing or getting dressed. Medicare can help with rehabilitation in a facility after an illness, but it is not a resource for long-term care needs.
Medicaid is a government program that can help pay for nursing home and health care services for individuals with very limited means. Not all nursing homes accept Medicaid, which can limit choices for individuals. If a nursing home does accept Medicaid, you must deplete most of your assets before coverage can begin.
Family may assume the responsibility of long-term care management or expenses, but this can bring emotional and financial stress along the way.
Traditional long-term care insurance helps cover long-term expenses; but if you never need care, you typically lose the benefits and the premiums you paid.
Hybrid life/Linked benefit long-term care insurance is a life insurance policy with an optional long-term care insurance rider. The primary advantage of this life insurance combination product is that you will get benefits for your premiums whether you ever need long-term care, as long as all planned premiums are paid.
At Strate Insurance Group, we have a variety of partners who can give you options for traditional long-term care insurance and hybrid life. If you are ready to take the next step, I will be happy to sit down with you and discuss them at your convenience. Simply give me a call at (423) 318-5816 or email me at asmith@strateinsurance.com.
