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14 May 2020 0 Comments Category: Article Archives

Separating Fact From Fiction When It Comes to Long-Term Care Insurance

What You Should Know About Long-Term Care Insurance

 

Very few people and families are equipped to handle the financial burden of long-term health care. In fact, many have a false sense of security when it comes to long-term care. To help separate the fact from the fiction when it comes to long-term care insurance Glendale, CA, read on.

 

Medicare and my Medicare supplement policy will cover it.

  • Medicare and “Medigap” insurance was never intended to pay for ongoing, long-term care. Only around 12 percent of nursing home costs are paid by Medicare.
  • Medicare and most health insurance policies do not pay for long-term custodial care.

 

It won’t happen to me.

  • Almost 70 percent of people turning age 65 will need long-term care services and support at some time in their lives.
  • Around 67 percent of nursing home residents and 70 percent of assisted living residents are women.

 

If I can’t afford it, I’ll go on Medicaid.

  • Medicaid, or welfare assistance, has many “strings” attached and is only available to people who meet federal poverty guidelines.

 

Whether you purchase a policy for yourself, your spouse or for an aging parent, long-term care insurance can help protect assets from long-term care costs. To speak to a team you can trust, contact the professionals at Massive Insurance. We are ready to get you the right life insurance coverage today.

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