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What is Long-Term
Care?
Long-term care insurance (LTC) is a term which describes
a variety of services in the area of health, personal care and social needs for a person
who is chronically ill or infirm, regardless of age. Long-term care insurance safeguards
your personal assets, allows you to be the decision maker and guards against sole
dependence on Medicaid as the only solution to providing long-term health care services.
Who will Need Long-Term
Care Insurance?
Recent studies based on
nursing home admissions indicate that 40% of all persons age 65 and over will enter a
nursing home in the future. Long-term care, however, is not limited to the elderly but may
be required by a person of any age who experiences diminished abilities over an extended
period of time.
The management of risk is a
crucial part of financial planning. The potential need for long-term care is a genuine
risk. The prudent estate owner will examine long-term care insurance to see if it has a
proper place in his or her overall financial plan. Once the disabling condition appears,
it is obviously too late to act.
Can Medicare and Medicaid Help Pay
for Long Term Care?
Medicaid is a welfare program
funded by both federal and state government. It was enacted to provide health care
services for the truly improvised of our nation. Eligibility for benefits under the
Medicaid program is determined by each state, based on an individual's assets and income.
According to a recent study,
Medicare paid for less than 2% of nursing home expenses and, for those who qualified,
Medicaid paid for 42% of nursing home expenses, with the patient and his or her family
paying over one-half of these costs. Such conditions can rapidly deplete personal assets
and have devastating consequences.
Advantages of Long-Term Care
Insurance
Long-term care insurance can provide advantages such as:
- Asset/Estate Protection
- Personal control of health care service decisions, including
place, plan and level of care
- Provision for inflation
- Home care coverage
in the insured's home
- LTC benefits can be excluded from income, for qualifying contracts
How
to Get a Quote for Long-Term Care
Insurance
If you prefer to speak directly with an
agent,
call our office at 214-821-6677 or toll free
1-800-462-2322 or email
us for a quote request. We will answer your questions and
quote you the plan
that will best meet your needs.
If you prefer, click the link below to fill out our online
quote request form that can be faxed or mailed to us and we will contact
you.
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