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LONG TERM CARE INSURANCE (LTC)

Who pays for my care?

Common Misconceptions

  • Medicare, the primary health care program for retirees, pays only for skilled, medically oriented or rehabilitative care, not custodial care in any venue.
  • Medicaid, a federal and state program for financially needy individuals will pay for custodial care, but primarily in nursing homes. Funding for home care and assisted living is very limited and based on availability of funds.
  • Veterans believe that the Veterans Association (VA) will pay for home care, adult day care or assisted living. As with Medicaid, funding is limited and generally based on service-related disability.

Why tomorrow is too late!

Planning ahead is essential when it comes to LTC. Approval is based off of answering questions about your health history and rates are based off of your age at time of application.

Be prepared for events in life that cannot be predicted such as a debilitating event or illness or simply the results of aging.


The Need for Long Term Care Can Affect Your Family Too

Most people begin their long term care journey by receiving care in their home from a spouse or adult child. As their bodies age and they require more assistance, the burden of caring for them can create significant stress for the caregiver, particularly if they are still working outside the home or also caring for young children.

 
A long term care policy can pay to bring a licensed caregiver into the home to provide the necessary assistance, relieving the spouse or adult child of the stress and responsibility of providing the care.
 
* We do not offer every plan available in your area. Any information we provide is limited to the plans we do offer in your area. Please contact Medicare.gov or call 1-800-Medicare to get information on all of your options.

Protecting your Financial Legacy

The cost of Long Term Care, whether received at home, in an assisted living facility or in a nursing home, continues to rise. As Baby Boomers age, space in these types of facilities will be at a premium.

The cost of long term care can quickly eat up your savings account, force you to cash in certain life insurance policies and sacrifice your children’s inheritance.

The use of long-term care insurance has become an important part of planning for disability resulting from living a long life. The coverage serves to both keep families together and allows your retirement portfolio to be used for the purpose for which it was intended, namely retirement.

If you want more information or have questions about Long Term Care insurance, call Mike Emery at Risty Benefits directly at (605) 906-7748, or send us an email at [email protected].

Did you know?

The projected average cost for three years of long-term care 30 years from now is $770,778.*

 

 

• Based on Genworth Financial’s Cost of Care Survey, conducted by CareScout, June 2021 and an assumed rate of inflation of 3%

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