I don’t need LTC insurance. I have health insurance.
LTC services are not typically covered by health insurance plans, which aredesigned to cover the cost to cure someone and return them to good health. LTC insurance is designed to cover care that is needed when a person is unable to perform basic activities of daily living for an extended period of time – such as bathing, dressing or eating. The need for LTC is typically due to a chronic illness, an accident, sickness or advanced aging and is progressive in nature with the need for care often growing over time.
LTC insurance is only for old people.
Accidents and illnesses can happen at any age and can include the need for extended personal care. The availability and cost of LTC insurance is based on your health and age at time of application. Planning ahead can pay off.
There is a government program that will take care of me.
Medicaid is a government program that pays for LTC services. However, eligibility for Medicaid requires that you meet state-specific poverty guidelines. It is also centered around nursing home care n approved Medicaid facilities. The State of LA ranks dead last in the quality of their Medicaid nursing homes according to national surveys.
Medicare is a senior health insurance plan that covers skilled care designed to improve an individual’s health condition. It generally does not cover custodial care.
I already have long term disability insurance, so I don’t need LTC insurance.
Long term disability and LTC are very DIFFERENT types of insurance. Long term disability insurance protects your income when you cannot work for an extended period of time due to an injury or illness. LTC insurance reimburses the cost for personal care and services. Such care is often received at home, in assisted living facilities or in nursing homes. LTC can be very expensive, so LTC insurance is one way to help protect your savings and investments against the rising costs of care.
I cannot afford LTC insurance.
Without insurance, you may have a harder time affording LTC services. A long term care insurance plan can be designed to fit a range of personal budgets.