Long Term Care Insurance

Long Term Care Insurance is generally defined as needing care to perform daily activities. This could include bathing, eating, mobility, and any thing in between. The care may be given in the home or in a skilled nursing facility. Long Term Care gives the patient the option to choose what type of care they want.

Facts:

• A major concern of seniors today is outliving their money and becoming a burden to their family. Long Term Care would secure your financial future while alleviating the burden being placed among loved ones.
• The average stay in a nursing home is 2' years, and the average nursing home cost is $8,000 a month. If you do the math, that is an expense of $240,000.
• Medicare only covers skilled nursing care after a hospital stay of at least 3 days, then only covers up to 100 days. You will also be subject to the applicable Medicare co-pays. If skilled nursing care is needed after 100 days the cost is not covered at all and would become an out of pocket expense.
• Medicaid covers some skilled nursing care but only you have relinquished most of your assets.
• Long Term Care is not just for the elderly. Consider a car accident, cancer, or heart attack that leaves you needing additional care. People are in accidents and have chronic illnesses at any age.
• Premiums paid for Long Term Care may be tax deductions under medical expenses.

Call us today at 757-233-3850 to further discuss your Long Term Care needs and options.

Additional Insurance Products

Long Term Care Coverage isn't just for seniors. Car accidents and debilitating illnesses can create a need for additional care at any age. Read More »