Who needs Long Term Care Insurance? Are you aware that neither health insurance nor Medicare pay for personal or custodial care? This includes the type of nursing services associated with recuperation or assistance in daily life. Assistance with eating, bathing, dressing, and toileting are during a recuperative period can cost about $400 per day. The average stay in a nursing facility in Connecticut is 2.5 years. How can you plan for this? We are PBI, and we are in the business of insuring your future. Many people have never heard of long term care insurance – and what you don’t know can lead to potential financial ruin for yourself or a loved one. We believe it is important to open a dialog about long-term care with your spouse and your family.
Long-term care describes a person’s medical needs and non-medical personal care. Care can be provided from a number of different sources, from friends and family members to paid home assistance to nursing facilities. Suppose your parent has a debilitating condition, such as dementia, ALS, or a medical condition from which he is not expected to recover. Medical services are entirely separate from non-medical services. Non-medical services include meal preparation and feeding, bathing, reminders to take prescribed medications on schedule, bathroom assistance, and other “custodial” care.
According to the U.S. Department of Health and Human Services, 70% of those over 65 will need some sort of long-term care during their lifetimes. Are you prepared? At PBI our staff is well-versed in health insurance and long term care insurance. Many assumptions are made about long term care, what it means, and how to pay for it. Whether the custodial care is needed for a post-surgical recuperative period or for terminal conditions such as Alzheimer’s Disease or Amyotrophic Lateral Sclerosis, you need the advice of a professional so you can prepare. The PBI Staff are experts in all aspects of Medical Insurance and Medicare Benefits and we can assist you with your questions about Long-Term Care Insurance.
One of the greatest potential risks faced by America’s elderly is the need for long-term care. Long-term care insurance transfers a portion of the risk of long-term care expenses to an insurance company helping to protect you and your family from potentially devastating expenses. Medicare and Medicaid are federal programs that pay for portions of medical or non-medical care. Medicaid is the payor of last resort for those with no assets. There are strict financial eligibility requirements associated with Medicaid that vary from one state to another. Medicaid planning can be complex and challenging, and we strongly advise you consult a professional who can work through the eligibility requirements with you. Private long term care insurance is an option open to those who are able to afford it. There are many types of long term care insurance with a wide variety of benefits. Veterans Administration Benefits also provide a home care/assisted living benefit, usually available to veterans and their spouses. Again, you must meet certain criteria to qualify for VA benefits.
When it comes to end of life care, what you don’t know can devastate you financially. At PBI Insurance, we will be happy to meet with you to talk about your options for long-term care. We have offices in West Hartford and Hamden for your convenience. 860-233-1171.
