Long-Term Care Insurance
Although it can be easy to confuse health insurance and long-term care insurance, the two are very different things. The first covers a portion of your expenses related to medical care, such as visiting a doctor, prescriptions, and hospital stays. The purpose of long-term care insurance is to provide financial protection against the high cost of personal and custodial care. The policy reimburses you when you or a loved one incur qualified expenses for nursing home care, in-home personal services, or a related type of community organization.
As compassionate and knowledgeable financial advisors, Macino Financial understands that many of our clients feel concerned about managing the cost of long-term care. We will help you evaluate several different policies and then make a recommendation based on your unique coverage needs.
Services Typically Covered by Long-Term Care Insurance Policies
Most companies that provide this type of policy include a daily benefit that the insured person can use in variety of settings. The most common ones include:
- The patient’s private home
- Adult daycare centers
- Nursing homes
- Facilities serving those with Alzheimer’s disease
- Hospice care facility
- Respite care facility
- Assisted living homes
When you or your spouse receive in-home care, covered services usually include assistance with bathing and dressing, skilled nursing care, and various forms of rehabilitation therapy. Some policies even cover homemaking services, such as cleaning and meal preparation.
Factors That Determine the Cost of Your Policy
When reviewing offers from different long-term care insurance providers, it’s important to understand how these companies determine your premium. The older you are, the more you can expect to pay each month for coverage. People in their 80s or 90s, for example, would likely draw on the policy more often than those in their 60s or 70s. Some other considerations that go into determining your premium include:
- Your general health
- Optional benefits you choose, such as reimbursement that keep pace with inflation
- The maximum benefit you receive per day
- The maximum number of days the policy will pay you benefits
You may not qualify for a policy if you’re already in poor health. However, Macino Financial will work with you to find organizations that have a higher likelihood of approving your application. You have worked hard so you can enjoy your retirement. We don’t want to see you lose your savings to long-term care costs.
We want what is best for our clients, including helping you avoid common social security planning mistakes. By taking the time to meet with David or his team at MFS now, you can enjoy your retirement years to the fullest and see for yourself about being a social security millionaire.