One of the biggest reasons consumers don’t create long term care plans is because they believe the government will pay for it. In reality, Medicare only pays for short-term, skilled nursing home care following hospitalization and state Medicaid programs require recipients to spend down to the poverty level in order to qualify for assistance.
Other than these limited programs, the financing options for care include long term care insurance or paying out of pocket. Long term care coverage is a suitable option for those who can afford insurance premiums but do not have sufficient funds to pay for care without putting their assets at risk. This type of coverage is one of the only safety nets that will protect people from the risks of needing long term care.
This November, during Long Term Care Awareness Month, it’s important to remind everyone about the importance of long term care planning. Now is the perfect time to speak with an insurance agent or financial advisor about how long term care protection can be added affordably to any financial plan.
