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Our Services: Long-Term Care

Long-Term Care Coverage

at N’Genius THE GOTO RESOURCE

Today, the costs for nursing homes and elder care are continuing to rise. If you plan early, you can provide you and your family with the coverage you need to protect your assets and maintain financial security that you may need later in life should you need long-term care.

In general, if you can’t perform daily activities because of an impairment as a result of chronic illness or disability, you will need long-term care services. This would include the assistance you could need dressing, eating, walking, going to the lavatory, bathing, etc.

Do I Need Long-Term Care Insurance?

Medicare does not pay for the cost of long-term care past 100 days because it doesn’t cover custodial care, it covers medical care. If you have amassed a lot of assets, and have financial security, you may not need long-term care insurance at all. Many suggest paying for your long-term care coverage as the expenses arise.

Medicaid, not Medicare, is the state-by-state program that pays for medical and long-term care expenses for poor people, so if you are in that situation, you may not need long-term care insurance because your state’s program may pay for your long-term care expenses. However, with possible cuts to the Medicaid program, and the necessity of spending down all of your assets to qualify for it, we recommend that you consider insurance.

If you realize you may not qualify for Medicaid because you have a moderate level of wealth, and yet you won’t have the financial means to cover all your expenses which can run around $9,000 per month for a shared room in a nursing home, long-term care insurance can offer peace of mind for you and your family. In fact, some of today’s solutions include life insurance with optional coverage for long-term care if you need it, and a death benefit for your heirs—usually tax-free—if you don’t.

Let’s talk about long-term care!

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