Long Term Care Insurance 101

 

Health insurance typically pays for hospital bills and doctor visits.  For those over age 65, Medicare is available to pay for short term skilled nursing following a hospital stay of 3 days or more. Medicare does not cover long-term skilled nursing care.  Medicare also does not cover assisted living or memory care.

 

There are two basic public programs to pay for long-term care. These are VA Aid and Attendance and Medi-Cal.  VA Aid and Attendance is potentially available to Veterans, Veterans’ Spouses, and Veterans’ Surviving Spouses.  Medi-Cal, on the other hand, only covers care in a skilled nursing facility.

 

Many clients opt for long-term care insurance to help offset the costs of assisted living care, memory care, and long-term skilled nursing care.  Only about 10% of my clients carry long-term care insurance.  I believe many clients are underinsured in this regard.

 

Source: [https://www.youtube.com/watch?v=O1K7lwhlnEQ]

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