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
-
Family Income from children, brothers, sisters, etc.
-
Medicaid or Welfare (after all income, savings and assets are exhausted)
-
Long Term Care Insurance
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 assests 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.
- Burial plots for immediate family members
- Life insurance policy with total face value of $1,500
- Depending on which state you live in, your spouse may only be able to retain $13,000 in assets
At risk are:
- Stocks,
- Bonds,
- Mutual funds,
- Savings accounts,
- Checking accounts
- Annuities
- Pensions
- Other property,
- 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 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 burden YOUR Family Financially and Emotionally?
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