Michaels Brothers Insurance
Michaels Brothers Insurance

Long Term Care Insurance

Why consider Long Term Care Insurance?  Better Medical care means many individuals are living into their 80’s and 90’s and beyond. Unfortunately, although life expectancy has increased, many older individuals have serious health problems that keep them from living on their own or completely caring for themselves. Long Term Care Insurance pays for the kind of care needed by individuals who have chronic illnesses or disabilities. It often covers the cost of nursing home care and provides coverage for home based care – visiting nurses, chore services and respite care for daily caregivers who need time away from these difficult duties. Such coverage becomes important when one considers that the annual cost for nursing home confinement can reach $67,000 or more.

Many people believe Medicare or Medicare supplement policies will pay for this care if they need it. Medicare will cover nursing home care if it is part of the treatment for a covered injury or illness, but care needed because of ageing is not covered by Medicare or Medicare supplements. Medicare and supplementary insurance pay for skilled nursing care, but the coverage is extremely limited as the care must immediately follow a period of hospital confinement and no benefits are provided after the 100th day. Medicaid does pay for nursing home care but provides coverage only for needy families. Sadly, many people must pay for their own nursing home care and eventually turn to Medicaid when their life savings are gone. Long Term Care insurance clearly deserves some consideration in an insurance program.

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