Health & Fitness
How will you pay for your long-term care in case of your failed health, illness or accident?
How will you pay for your long-term care in case of your failed health, illness or accident?
Long-term care is not health care. It is not covered with one’s health or disability insurance. Health care (Medicare) helps the patient improve his/her medical condition. Long-term care applies when one’s health may not improve. It involves when a person has a physical or mental impairment that prevents him/her from enjoying activities of daily living – Toileting, Dressing, Eating, Assistance with Medicine, Bathing, and Ambulatory issues. For older clients this is typically when Medicare coverage ceases. If one does not have long-term care insurance, he must self-pay for such costs. In Connecticut, average home care costs range from $5,000 to $6,500 a month depending upon the care needed. Nursing home care averages $12,000 a month in Connecticut – the second most expensive state after Alaska for long-term care costs. In order to qualify for Medicaid coverage, which covers long-term care needs, one must exhaust his assets down to just $1,600 before being eligible. Thus for many of us, long-term care insurance is the solution.
Long-term care insurance covers expenses for the insured depending upon the policy obtained. It also covers home health care, respite care, hospice care, adult day care, care in a nursing home, and care in an assisted living facility. It may also cover expenses for skilled and personal care. We all have the potential to face these end-stage impairments. Although these issues may befall us at any time, in my opinion, the best time to consider long-term care insurance is around 50-55 years of age, considering its cost. Do not procrastinate with this issue. See your estate planning attorney and financial planner to make sure you and your family are adequately protected.