Long Term Care Insurance

Surprise bills do NOT make us happy! So if you haven’t researched long-term care, now may be the TIME to do so. Please realize Medicare does NOT cover long-term care. Medicare does offer LIMITED skilled-care nursing home benefits under certain conditions (maximum of 100 days) and in home skilled care benefits under very LIMITED conditions (medically necessary and NOT daily). Most long-term care policies reimburse for custodial, non-medical care…a service that is NOT covered by Medicare, Medicare supplements or health insurance. Costs for long-term care policies vary in every state, but here are some nationally recognized figures:

A median rate of $24 per hour for custodial care/non-medical services; approximately $192 for an eight-hour shift

The median monthly rate for a one bedroom unit in an assisted living facility is $4550; approximately $54,600 annually

The median daily cost for a private room in a nursing home is $321; approximately $9764 per month; or $117,165 per year

In addition, consider that inflation WILL increase the cost of care over time. On the bright side…most long term care policies now offer built-in inflation riders or options to purchase more coverage in the future (regardless of your health).

If you already have a long-term care health policy be sure to review it periodically with your carrier and if you haven’t yet opted in…think about consulting an agent. TIP: Vet several agents and companies before signing on the dotted line…it is MOST important that you know exactly WHAT you are paying for and the options the policy is providing!

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