With Americans living longer than ever, most of us will need some extra help with everyday activities as we age.2 The benefits of long-term care insurance go beyond what your health insurance may cover by reimbursing you for services needed to help you maintain your lifestyle if age, injury, illness, or a cognitive impairment makes it challenging for you to take care of yourself.

Many think that government programs such as Medicare and Medicaid will pay for all of their future long-term care needs. Surprisingly, they may only pay for some of these services and have many restrictions.

Medicare: May cover a maximum of 100 days of services after a hospital stay.2 Coverage is designed to assist people during a short-term recovery and doesn't include personal care or supervision services.

Medicaid: If you have limited assets and income and are relying on Medicaid, the state may make key care decisions on your behalf, including where you receive the care you need.

Long-term care may benefit: Families who want to help protect their loved ones, lifestyle and assets. Retirees and Pre-retirees wanting to preserve the money they have worked so hard to save.

Individuals who may not have someone to care for them or significant assets to pay for these costs. How Much Does Long-Term Care Coverage Cost?

It's impossible to predict your chances of needing long-term care, or how long you may need it. And since cost of care can be expensive, it's important to understand the financial impact a few years of long-term care can have.

Nursing Home Care: The average cost of a year’s care in a private Medicare-certified long-term nursing home room is $116,654.76.

Home Care: The average in-home care costs $60,569.60 a year for 40 hours of help per week.3

Assisted Living Care: A year in a 1-bedroom assisted living care facility averages $63,336.60 per year

Medicare: May cover a maximum of 100 days of services after a hospital stay.2 

Coverage is designed to assist people during a short-term recovery and doesn't include personal care or supervision services.

Medicaid: If you have limited assets and income and are relying on Medicaid, the state may make key care decisions on your behalf, including where you receive the care you need.

For most people a Long Term Care Insurance Policy can be cost prohibitive. Call me to find out about State Partnership Plans or in-home care and how they work in order to save a substantial amount of money.