A common misconception is that you already have coverage for future long-term health care expenses. You probably don’t.
At Work
Most employers do not offer Long-Term Care Insurance. They often offer disability insurance but don’t confuse disability with long-term health care Think You Have Long-Term Care at Work? Probably Not. | LTC News
Disability insurance replaces a small part of your income through age 65 if you cannot work due to a disability. It does not pay for any care.
Health Insurance and Medicare
Your current health insurance and Medicare, including supplements, will only pay for a short period of skilled services. Most long-term care services are considered custodial care, which is not covered by anything other Long-Term Care Insurance (and Medicaid – which I’ll talk about in a moment).
Custodial care is help with daily living activities or supervision due to memory loss. These costs will only be paid if you have an LTC policy or if you are on Medicaid.
Medicaid
Medicaid will pay for all types of long-term care services if you are little or no income or assets Medicare & Medicaid (mccannltc.net).
The goal for most people should never be to get on Medicaid Medicaid is Never the Goal or Solution for Long-Term Care Planning | LTC News.
Family
Some people think they can have their adult children become their caregivers decades from now when they need care. Unpaid family caregivers face tremendous physical and emotional strain and anxiety when thrust into the role of being a caregiver for a parent. Remember, your children will have careers and families themselves, and trying to juggle all these responsibilities is not easy, to say the least.
Plus, family members are usually not untrained and unprepared for this role. The role of being a caregiver for a parent often brings conflict within the family Family Caregiving Often Brings Conflict | LTC News
Long-Term Care Insurance
Long-Term Care Insurance is an affordable option to plan for the costs and burdens of aging. It should be considered a vital part of your retirement planning. Be sure to start planning before your retirement, ideally in your 40s or 50s. You will save money and have more affordable options.
Be sure to seek a qualified and experienced Long-Term Care Insurance specialist who works with the top companies. I help people nationwide and represent the major companies About Us (mccannltc.net)
Shop the top companies from one trusted source. Get free and accurate quotes along with professional recommendations. Act before you retire – Quote (mccannltc.net)
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