Long Term Care is an essential part of your overall financial planning
Medicare only covers short term care, not long term care such as that needed in a nursing home, assisted living facility, or adult family home.
Medicaid requires you to spend down most of your assets to access covered care, and then they dictate where you can receive care.
That's where long-term care insurance comes into the picture, providing either a monthly lump sum or reimbursement of costs when you need long-term care.
Medicaid requires you to spend down most of your assets to access covered care, and then they dictate where you can receive care.
That's where long-term care insurance comes into the picture, providing either a monthly lump sum or reimbursement of costs when you need long-term care.
Understanding the need for insurance
1 Genworth Cost of Care Survey 2020, Nursing Home Facility, Semi-private room.
2 LongTermCare.gov – How Much Care Will You Need?
3 Medicare.gov – Skilled Nursing Facility Care.
2 LongTermCare.gov – How Much Care Will You Need?
3 Medicare.gov – Skilled Nursing Facility Care.