Reasons To Look Into Long-Term Care Insurance
- Medicare will only pay for limited periods of nursing care following a hospital stay.
- Medicare will not pay for long-term care that involves nonmedical help with daily tasks, such as bathing and dressing.
- Medigap policies and regular health insurance plans do not usually pay for long-term care that involves nonmedical help.
- Medicaid, the federal-state public assistance program for the poor, does pay for nursing home costs but only after a person “spends down” their assets to a level where they can qualify for aid.
- According to the 2004 MetLife Market Survey of Nursing Home and Nursing Home Care Costs, the average daily cost of a private room in a nursing home in the U.S. is $70,080 a year. This amount has increased by $4015 since the 2003 survey.
- Many people prefer to receive care in their homes. Long-term care insurance benefits can make this possible.
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent counsel for advice on any legal matter.
Mary C. LaGrone
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