Planning for long-term care can be a sensitive topic. After all, nobody wants to picture themselves or their loved ones being incapable of living alone. While long-term care is commonly associated with care for seniors, the sad truth is that many young people will experience a life-changing event that leads to chronic illness or disability. Long-term care insurance can provide an additional level of protection beyond disability income insurance.
Regular health insurance does not cover long-term care, and Medicare only covers short stays in nursing homes. While Medicaid, federal, and state insurance programs offer help to low-income patients, you will likely not have access to this help until you have exhausted your savings and assets. Purchasing long-term care insurance can help protect your savings and give you more choices for better quality care.
Long-term care benefits are especially important when a person begins struggling with activities of daily living (ADL) tasks such as bathing, eating, dressing, transferring out of a bed or chair, and toileting. Premiums will vary based on a number of factors including a person’s age and health, but most policies will reimburse for the care given in nursing homes, rehabilitation facilities, assisted living centers, adult daycare centers, and at home.
Whether preparing for your own future or a loved one, Trinity Financial & Insurance Solutions will help guide you through your options and select the right policy for the situation. If you are a business, incorporating long-term care insurance into executive bonus plans results in significant tax benefits for your company at multiple levels.
To learn more about long-term care insurance, contact Louie.Berrodin@Prudential.com or call 330-352-1425.