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Policy Benefits & Options
Long Term Medical expenses can be
emotionally and financially devastating to a family.
With the current trends in health care it is absolutely vital that a family or
individual protect themselves against these losses.
 There are 4 basic ways of Long term
care expenses being paid for.
 |
Personal Assets, Property and Savings |
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Family Income from children, brothers,
sisters, etc. |
|
Medicaid or Welfare (after all income,
savings and assets are exhausted) |
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Long Term Care Insurance |
Which is the "Smartest?" Learn More About Medicaid
"Over one million people a year deplete their savings and are impoverished trying to
pay the high cost of nursing home or home/health care."
- Congressman Claude Pepper 
Only after this
"spend-down" will Medicaid/Welfare provide assistance.
Source: The
Insider's Guide to Long Term Care,
Many people who begin paying for long term
care out of their own pockets end up qualifying for Medicaid
because they have
spent their assets down to the eligibility level.
Medicaid spend-down
requirements may vary from state to state and may change year to year.
What
You Can Keep and Still Qualify for Medicaid
Medicaid rules are very complex and subject to change.
This is merely an illustration and should not be relied upon as representing
your state's Medicaid requirements.
Contact the public welfare department in your state for what you are permitted
to keep.
Usually you can keep:
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Burial plots for immediate family
members |
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Life insurance policy with total face
value of $1,500 |
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Depending on which state you live in,
your spouse may only be able to retain $13,000 in assets |
Assets at risk are:
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Stocks, |
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Bonds, |
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Mutual funds, |
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Checking accounts |
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Savings accounts, |
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Pensions |
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Annuities |
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Other property, |
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Life insurance over $2500 face value |
Before relying on Medicaid to cover your long term care
expenses, you need to consider several other issues.
For example, Medicaid may limit your choice of facilities ~ you'll have to
choose one that accepts Medicaid patients.
Why
Not Insure the Risk?
You have homeowners insurance......Why? Your
risk of total loss from fire is 1 in 1,200.
You have auto insurance . . ..............Why? Your risk of total loss from a
car accident is 1 in 240.
Do you have long term care insurance? Why not?!
Once again, the risk of needing care at home is
3 in 4 and the risk of spending time in a nursing home is 1 in 2.
You insure your home, your car and your life. . . Why not insure your greatest
risk?
Percentage Amount of
Long Term Care Given for at least some period of time.
Why is the percentage of
time for children providing care as show in the graph above so low?
Usually, They find that after a brief period of time, their loss of Income cannot
be
sustained to support their own family.
 It creates a huge
financial and emotional burden on family members to provide Long Term Care.
Do YOU want
to Financially and Emotionally burden YOUR Family?
Contact us at: insuranceconcepts@att.net
Insurance & Business Concepts
Plainfield, IN 46168
Office: 1-800-925-8672
Local: 317-838-0352
Fax: 317-838-0368
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