Long Term Care Insurance
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Families are often intimidated by the potential need to live in a nursing home.
Nursing home care in will probably cost $55,000 to $70,000 or more per year, per person.
The majority of health insurance plans do not include long term care - it often must be purchased separately or as a rider to your policy.
What's Covered by Long Term Care Insurance?
Long term care insurance almost always covers nursing home care, but may also include home health care, adult day care, and/or assisted living.
Doesn't Medicare Cover Long Term Care Insurance?
Not exactly.
Medicare will cover certain home health care after a hospital stay, but Medicare does not provide for long term care needs.
What about Medicaid?
Those who are eligible for Medicaid do get coverage for long term care through the Medicaid program.
How Much Does Long Term Care Insurance Cost?
Long term care insurance can be surprisingly affordable. Your current age, medical history, and the amount of long term care coverage you desire will ultimately determine the cost to you. Not having long term care insurance may cost you and your loved ones much more in the long run, so it is coverage most people should strongly consider purchasing.
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