Long-Term Care

Did you know that Medicare does not cover long-term care, which includes services like assistance with daily living activities (bathing, dressing, eating) in nursing homes, assisted living facilities, or in-home care? This is a crucial gap in coverage because many seniors will require long-term care at some point, and the costs can be overwhelming. In fact, the U.S. Department of Health and Human Services (HHS) tells us, “70% of people aged 65 and older will need some form of long-term care in their lifetime” (HHS.GOV Long-Term Care page). Without proper planning, individuals may have to spend down their assets or rely on Medicaid, which has strict income and asset limits.

To prepare for these costs, people can explore long-term care insurance policies, which are specifically designed to cover extended care needs. Additionally, some life insurance policies offer long-term care riders, and hybrid policies combine life insurance with long-term care benefits. Annuities with long-term care benefits are another option, providing financial support if care is needed. Planning ahead with the right coverage can help protect savings and ensure access to quality care without financial hardship.

If you’d like to explore long-term care coverage options, feel free to reach out to me and I’d be happy to review your options and help you find the best plan for your needs!