Medicare-Eligible Health Insurance

Frequently Asked Long Term Care Questions

Why should I consider LTC insurance?

You’ve worked hard, saved, and invested wisely for a secure future. Don’t let unexpected long term care expenses deplete your assets or affect your retirement plans. Purchasing a long term care insurance policy can help you preserve your assets, your financial independence, and your retirement plans.

Can I finance my own Long Term Care without insurance?
Yes, but LTC is very expensive. Within the next 10 years, it is estimated that the average cost of a nursing home could be as high as $100,000 per year. 1/3 of all couples exhaust their finances after just 13 weeks in a nursing home.

Won’t Medicare pay for my long term care?
This is a common misconception. Medicare was not designed to cover long term care expenses - it pays for some skilled nursing facility and home health care expenses after a brief hospitalization. Medicare currently only pays for approximately 2% of all nursing home and home health care services. A recent survey by a major retirement organization showed that 60% of its members believe that Medicare will be the primary source of financing for their long term care needs. Medicare, on the other hand, specifically points out in its guidebook of benefits that a person should not depend on Medicare as a primary source for long term care assistance. Also, keep in mind that Medicare may not be around by the time you need assistance.

Will Medicaid provide for my long term care?
Medicaid is intended as a safety net for the poor. In order to qualify for Medicaid, you must divest yourself of assets, which means spending down to the poverty level.

Can my family provide long term care?
Yes, nearly 1 in 4 households - some 22.4 million US families - provide care for elderly relatives.  Studies have shown, however, that 67% of children become clinically depressed while taking care of their parents. We are living longer lives than ever before. With this comes the effects of aging and longevity - reduced physical or mental ability. You can help prevent the emotional and financial burden that disability can place on a family with Long Term Care Insurance.

Is Long Term Care insurance for everyone?
Before purchasing a long term care policy, you need to consider the following factors with your agent:
Your net worth
The potential out-of-pocket costs for long term care
The premiums for the policy

A Medicoverage agent can help you with this process.

Additional Considerations

  • Women:  75% of the current over-65 nursing home population is comprised of women. Women live an average of 5 to 7 years longer than men and are more likely to need long term care services for an extended period of time.

  • Aging Parents:  Children of aging parents might want to consider long term care insurance for their parents. If long term care services are ever needed, it can enable children to ensure quality care for their parents as well as avoid the time, cost and emotional demands of caring for their parents themselves.

  • Family History of Illness:  People with a family history of debilitating illnesses such as Alzheimer’s or strokes should consider purchasing a long term care policy, for obvious reasons.

    The most important thing to remember is this: the longer you wait to purchase a long term insurance policy, the more expensive it will be. Procrastination is your enemy.

    Speak with a Medicoverage agent today at 1 888 285 MEDI. Don’t wait until you need long term care because by then it will probably be too late.