The average cost of home health care for a year is over $20,000. A one-year stay in an assisted living facility can be over $30,000. The cost for a one-year stay in a skilled nursing facility ranges from $36,000 to $100,000 or more. Long-term care insurance covers all three situations. Medicare is designed for hospitalization and doctor’s care, but not for long-term care. Medicaid requires a person to be in poverty, and the recent 5-year “look back” provision for qualification effectively prevents people from being able to gift assets in an attempt to qualify for Medicaid.
Long-Term Care insurance allows a person freedom: freedom of choice and financial freedom. A person with a Long-Term Care insurance policy has the choice to live at home as long as possible or to live in an assisted living facility if the need arises (Medicare does not pay for assisted living facilities and not all assisted living facilities will accept Medicaid as a payment source. At-home care is for skilled nursing care only).
They also have financial freedom to spend and invest their money without concern, because they are not alone to face the financial risk of needing assistance for the requirements of daily living that can very quickly wipe out their hard-earned life savings. It also takes a significant burden from their children. We have access to many Long-Term Care insurance providers include Mutual of Omaha, Genworth Financial, John Hancock, Med-America, and others.
Long-Term Care insurance allows you to live the way you want to live where you want to live.