The Benefits of Long-Term Care Insurance

According to the U.S. Department of Health & Human Services, 70 percent of people who reach age 65 will need long-term care services at some point in their lives. Long-term care (LTC) insurance provides valuable support and financial resources that help cover the cost of long-term care you might need in the event of an illness, accident, or through the normal effects of aging. By helping to protect your assets, and giving you choice and control over where you receive care—including in your home—LTC insurance helps you and your family confidently face the future. Without a plan to pay for LTC services, you could be putting at risk everything you’ve worked for.

Most aging seniors wish to stay in their own home and are in need of a plan designed to care for for them there. Our long-term care insurance products cover all types of care (skilled, intermediate, and custodial care) in a variety of settings, including your home, community, an assisted living or nursing facility. We offer a range of optional features that enable you to customize a policy based on your needs, including inflation protection that helps ensure your coverage keeps pace with the rising cost of care.

Many people wonder if they are already covered?
Many people mistakenly believe their long-term care needs are already covered. However, long-term care assistance isn't typically paid for by health or disability insurance. In addition, government programs such as Medicare and Medicaid aren't designed to cover long-term costs over long periods of time.

Medicare is the federal program providing hospital and medical insurance to people ages 65 or older, as well as to certain ill or disabled persons. In only certain conditions are benefits available for home health care. Generally, Medicare may pay for up to 100 days of care in a skilled nursing facility per benefit period - 100% for the first 20 days (after a three-day hospital stay, if skilled care is needed). From days 21-100, Medicare requires a co-payment.

Medicaid coverage is primarily based on income and assets, and in most states it only covers care received in approved nursing homes. Each state has different policies, so depending on where care will be given, this will vary from state to state.

Personal income and assets, including your home, may often be used to cover the cost of long-term care, which can have quite an effect on savings and profound effect on family members.

Family members may often assume the burden of care, which over time may have a significant impact on their lifestyle, personal and work commitments, and their physical and emotional well-being.

For many people, Long-term care insurance is one of the most viable options to cover the cost of care. It allows you to feel confident about your future by providing you with the means today to maintain choice, control, and independence in your later years. It is a cost-effective way for you to take responsibility for your health and long-term care decisions. And, it will help you secure your family's future and your own quality of life by helping to protect your retirement savings. Groups that offer their group LTC may also be eligible for tax relief depending on plans.

Selvaggio Insurance Services offers a comprehensive array of LTC insurance products available for professionals and employers. We offer group plans for companies with as low as 3 employees and 25% employer contribution as well as plans with minimum underwriting.  We also offer discounts for spouses and can usually find a fit that meets your budget. Life insurance can be added as well. For additional information about LTC insurance please call Erica at (714) 969-6032.