Long-Term Care is help with activities of daily living (ADL’s) or supervision due to cognitive issues. People require long-term care due to illness, accidents or the impact of aging. It can happen at any age but the risk increases as we age. Health insurance, Medicare and Medicare Supplements will only pay for a limited amount of skilled care. Most long-term care is custodial in nature (help with ADL’s or supervision due to memory problems like Alzheimer’s and dementia). Custodial care is NOT covered by health insurance, Medicare or Medicare Supplements. This means unless you have affordable Long-Term Care Insurance you will pay for care yourself or your family will provide care thus placing a physical, emotional and financial burden on them. The best time to plan is before you retire, however affordable solutions are available at most ages depending on your health.
Long-Term Care Insurance will pay tax-free benefits to provide you with choice of quality caregivers at home or in a facility.
Find the current average cost of Long-Term Care in your state (or a state you may move to in the future). Discover if your state participates in the Long-Term Care Partnership Program, available tax incentives and the Medicaid spend-down requirements.