As people age or become ill, they sometimes need help doing daily tasks like getting dressed, bathing and more. Unlike traditional health insurance, long-term care insurance is designed to cover long-term services like these in a variety of settings such as your home, a community organization, or another facility.

 

• Nursing home care
• Assisted living facilities
• Adult daycare services
• In-home care
• Home modification
• Care coordination

  On average, nursing facilities providing skilled care charge $150 to $300 per day—$80,000 per year or more. Custodial home care at three visits per week can cost more than $9,000 each year.

 

Medicare will cover a portion of at-home care and a short time in a nursing home. But there are very specific situations you have to meet to qualify for the Medicare coverage. In the vast majority of cases, you’ll be responsible for paying for these charges out-of-pocket.   While Medicaid will currently cover long-term care expenses, many doctors are reducing the number of Medicaid patients they accept, making access to healthcare more difficult for Medicaid recipients than those with private insurance.

 

Purchasing long-term care insurance will give you peace of mind. You’ll know that if you become ill, you can afford the care you need. Plus, your kids won’t be burdened with huge payments for your care. Long-term care insurance plans will pay for your care, even if you are diagnosed with a chronic health condition or disability. This could be care in a nursing home, an assisted living facility, or in your home.