Long Term Care

Long-term care insurance can help families manage the financial impact of home health care, assisted living, or nursing home expenses. It is important to consider the costs, the impact of inflation, and the way you may want to meet any long term care needs. Long term care includes a range of services and supports that you may need to meet your personal care needs. Most long-term care is not medical care, but instead assistance with basic activities of daily living (ADLs) including bathing, dressing, using the toilet, caring for incontinence, and eating. Over 70% of people turning 65 can expect to use some form of long-term care during their lives. Understanding which methods for funding long term care including self funding, traditional long term care, or hybrid long term care insurance, can help you prevent a lifetime of assets from falling short when you may need them. When thinking about long-term care needs, keep in mind that:

  • Medicare is not nursing home insurance and does not cover long-term care beyond 30 days
  • Private medical insurance or Medicare supplement plans do not cover long-term care
  • Medicaid generally does not cover long-term care until investment and savings have been depleted