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Long-Term Care Insurance

Consider Long-Term Care insurance a part of your overall retirement plan.

Long-Term Care Insurance can help reduce your dependence on family members, protect the assets you’ve worked so hard to accumulate and allow you to receive care at home longer.

What is Long-Term Care?

Long-Term Care is a range of services and support for your personal care needs.1

Long-Term Care insurance generally provides money when:

  1. Your licensed health care provider diagnoses you with a chronic illness and prescribes a plan of care consisting of long-term care services. You must need help with at least two of the activities of daily living, or
  2. If you are certified to need continual supervision due to a severe cognitive impairment. Learn more>

1 Medicare.gov/coverage/long-term-care (2020)
Medicare doesn’t cover long-term care (also called custodial care), if that’s the only care you need.1 Most health insurance does not pay for long-term care services and Medicare coverage is limited.

Medicare will help pay for a short stay in a skilled nursing facility following an inpatient hospital stay of at least three days as long as you are admitted to a Medicare-certified nursing facility within 30 days and you need skilled care, such as skilled nursing services or therapy covered under the plan.

“If you meet all these conditions, Original Medicare will pay a portion of the costs for up to 100 days for each benefit period as follows:

  • For the first 20 days, Medicare pays 100 percent of the cost.
  • For days 21 through 100, you pay a daily copayment, which was $164.50 as of November 2017), and Medicare pays any balance.
  • Medicare does not pay costs for days you stay in a skilled nursing facility after day 100.

(Medicare Advantage plans must cover the same services, but the cost sharing may vary.)”2

The description above is for information purposes only. For complete details on what Medicare covers for long-term care, visit Medicare.gov.

1Medicare.gov/coverage/long-term-care (2020)
2Longtermcare.acl.gov/medicare-medicaid-more/medicare.html
If you’re like most people, you’ve probably wondered who will help care for you if you are chronically ill and need help. You may have even been a caregiver yourself. If so, it’s possible you’ve missed work/lost wages or experienced the emotional and physical toll of caring for someone. Long-Term Care insurance can provide benefits for home health care, assisted living facility, adult day care and nursing homes. Stay-at-Home benefits can include caregiver training, durable medical equipment, home modification and medical alert system and so much more.
If you decide Long-Term Care insurance would be right for you, you may choose the monthly amount you want to receive. There are two benefit options.

  1. Cash benefit of 30% of the policy’s home health care benefit, up to an initial max. of $2,400 each month.
  2. Reimbursement Benefit: reimburses you for actual long-term care expenses you incur after the elimination period and up to the policy’s maximum monthly benefit. The maximum monthly benefit is chosen at the time of application.

2 Easy Ways to Get a Free Quote and Enroll

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