Long-Term Care (LTC)
Did you know that 7 out of 10 people over the age of 65 will need Long-term care (LTC) at some point in there life?
Chances are, you’ll need long-term care at some point. The majority of us will. Long-term care (LTC) is any personal assistance you need to maintain your quality of life as you get older.
Some people think that long-term care only covers nursing home expenses. In fact, half of all long-term care services are provided in the home.
A common misconception
Many people think that certain programs will help cover the cost of long-term care. But the reality is:
- Health insurance doesn’t cover long-term care expenses
- Medicare will cover some long-term care costs, but only up to 100 days (after a three-consecutive-day stay in a hospital under treatment)
- Medicaid will cover long-term care expenses for individuals with assets of $2,000 or less (countable assets according to Medicaid regulations; varies by state) and covered care could be limited to a nursing home
- Paying for care out of pocket isn’t practical or cost-efficient for many people
Solutions that can help
Long-term care coverage was developed to help offset the cost of these services. At Finanstra we offer long-term care insurance coverage as part of a life insurance policy, either as rider or a linked benefit. Our solutions offer protection against long-term care costs and the ability to leave a legacy if these benefits are not needed.