Americans today are living longer than ever before. While this is great news, it also means that at some point during your life, the chances of you needing assistance with your day-to-day tasks is likely. Depending on your health insurance plan, some of your medical costs may be covered, but the same is not true when it comes to non-medical care expenses.
Long-term care insurance may be a great option to cover the expenses not covered by your typical health insurance plan and National Educational Services is here to help you learn more.
What is Long Term Care Insurance?
Long-term care, also known as LTC, is a specific type of health care service that assists individuals in their long-term physical or emotional areas of need. The most widely known form of long-term care is referred to as custodial care. Custodial care is a form of care that focuses on assisting individuals with their day-to-day living activities.
Certain long-term care insurance plans can cover the costs of medical or skilled care. Additionally, long-term care insurance can help with the costs of care that are not covered by Medicare, including nursing home stays, home healthcare aides, and other assisted living services.
Limited Coverage with Medicare
A common misconception in terms of Medicare coverage is that it will pay for expenses associated with nursing home care. Unfortunately, this coverage may only apply for up to one hundred days of skilled nursing care after certain requirements have been achieved. Medicare typically only covers acute care and will likely only pay if you are able to recover from the injury or illness.
When it comes to the costs associated with a care facility and long-term services, you will typically be responsible for paying the bill.
Protect Your Savings & Loved Ones
Around the world, it is common for families to live in multi-generational households. In this dynamic, family members all work together in order to care for the elders of their family and in their homes. This family dynamic is not as common here in the United States, where individuals tend to work into their seventies in order to survive financially, while they are also not provided in-home care around the clock. Long-term care is very expensive, and these costs can be necessary but can also finically deplete your savings.
If you do not have Medicaid or another form of health insurance, these costs will likely fall all on you individually. If you choose the right insurance plan, you will be able to protect your family and assets while still having the coverage and care you need.
Secure Your Chances of Getting Coverage
Although it is hard to imagine that you would ever need long-term care services, it is more likely than not that you will need the help of these services at one point in your life. It is estimated that about half of individuals over the age of 65 will need long-term care insurance. This expensive care is not covered by health insurance plans so take the first step and contact a National Educational Services advisor today to discuss which plan is right for you.