Long-term Care Planning
There is no time like the present to initiate the discussion about long term care planning, especially if you are near retirement age. PBI Insurance can answer all your questions about long-term care. A 2013 Public Opinion Strategies poll found that 65% or Americans surveyed have made no long-term care plans at all. 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. Opening up a dialog about your long-term care options is the first step. It is also important to understand what your financial burden will be with the options before you, and how to qualify for and receive benefits with which to pay for needed services. 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. Most Long term care in the U.S. occurs in the home, not in a nursing home.
Medicare and Medicaid are federal programs that pay for portions of medical or non-medical care. With Medicaid – the payor of last resort for those with no assets – there are strict financial eligibility requirements associated with these programs 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.
PBI is your one stop resource for employee benefits, individual health insurance, medicare plans, life insurance, long-term care planning, and tax preparation. PBI Insurance provides group benefits to employers as well as individual clients. 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.