Long-Term Care
Insurance: Who Will Pay For Long-Term Care?
Americans are beginning to understand that long-term care expenses
could represent their greatest risk to financial security.
Unfortunately, there is still a lot of confusion about who will pay for
long-term care expenses.
Some people mistakenly believe that their
health insurance will take care of it. It doesn't.
Health insurance only covers short-term care.
Others are counting on Medicare to pay. It
won't. Medicare, including Medicare Supplement policies,
only cover short-term care.
SO WHO WILL PAY?
There are 4 sources for providing or paying for long-term care:
1.
Family
2. Medicaid (Medi-Cal in California)
3. Personal Assets
4. Long-Term Care Insurance
How Do I Choose Which
Option is Best for ME?
Analyze each of the 4 options above from your own unique personal and
financial situation. For example:
Do you have children who are available to
care for
you? Would they want to care for you? And more importantly, would YOU
want them caring for you?
Do you qualify for Medicaid? Do you want to
be restricted to the choices covered by Medicaid?
Will you have accumulated enough assets to
pay
for long-term care? Will depleting your assets affect the standard of
living of your family?
Can you afford Long-term care insurance?
Can you qualify health-wise?
Click
here to complete a Personal Long-Term Care Assessment
Form
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