Why
Long-Term Care Insurance
Should be Considered
Medicare will only pay for
up to 100 days of nursing
care following a hospital
stay, and there are serious
limitations on those
benefits. Further, Medicare
will not pay for long-term
care that involves
non-medical help with daily
tasks, e.g., bathing,
dressing. Also, Medigap
policies and regular health
insurance do not pay for
long-term care that involves
non-medical help.
Medicaid, the federal-state
public assistance program
for the poor, does
pay for nursing home costs
but only after a person
essentially gives up many of
his or her assets and
qualifies for aid. Although
we can assist you with
Medicaid Planning, for many
individuals and couples the
process is either
impractical or emotionally
trying. The rules are
constantly tightening.
According to an article in
Kiplinger's Retirement
Guide, nursing home care
costs an average of $51,000
per year. In North Carolina
the costs can easily climb
to $65,000 to $75,000 per
year. The American Council
of Life Insurance projects
that by 2030, nursing home
care will average about
$190,000 per year.
Most people prefer to
receive care in their
homes. According to an
article in Kiplinger's
Retirement Guide,
nation-wide, daily home-care
costs average $36,000 per
year. If you purchase
long-term-care insurance and
select the right benefits
then you can decide where
and what care you will
receive. If you purchase
long-term-care insurance,
you will receive care and at
the same time protect your
life savings.
As a law firm, we do not
sell any insurance; our job
is to counsel and advise
you. However, we can assist
you with the evaluation and
selection of an appropriate
long-term care insurance
policy suitable for your
needs.
