Limitations of Medicare and Medicaid

Under certain circumstances, Medicare and Medicaid may help to cover some of the costs of long-term care services. However, these programs have specific rules and may not cover all of the services you need.

Medicare will pay for a short stay in a nursing facility if you have stayed in the hospital for three days or longer and you are admitted within 30 days of your hospital stay. The largest part of the expenses associated with a nursing home stay are not covered by Medicare though.

Medicaid, designed for people with low income, will provide some long-term care services, to include personal care. There are specific income requirements which you must meet in order to qualify.

Long-Term Care Funding Options

There are several ways you can fund longer-term care, including:

• Pay out of pocket – For the financially fortunate, you can cover the costs of long-term care without paying for long-term care insurance.
• Purchase a long-term care plan – If you are not financially capable of covering the costs of in-home care, long-term care insurance will provide the coverage you need to fund this type of care. It will pay out a specific amount per day, depending on the policy you choose.
• Spend down to qualify for Medicaid – Exhausting your assets for long-term care may cause you to qualify for Medicaid, which may cover some long-term care services.
• Take out a reverse mortgage – In some cases, a reverse mortgage will provide the necessary funds to ensure your long-term care needs are taken care of.

Out of all of the options for long-term care funding, getting an LTCi policy will fit best with most situations. Find out more about how an LTCi policy will benefit you by contacting Thomas & Associates today. Call 904-730-3900 today, and we can help you find the best plan for your needs.

LTC Insurance Purpose, Function and Application

The main purpose of Long-Term Care policies is to assist with the costs for personal care services, based on a predictable daily cost. The amount per day is pre-selected when you purchase the policy. Your plan will help cover daily living activities, such as dressing, bathing or eating.

Most LTC plans are not for medical care; these plans provide financial assistance for more common, everyday tasks that become more of a challenge as we age, or as our health declines.

Types of LTC Providers and Services

LTCi is not necessarily medical care. This type of coverage often comes from a private insurance company and fills in the gaps Medicare and Medicaid won’t cover. Services provided by long-term care insurance include:

• Bathing
• Cooking
• Transferring (from a chair to bed, etc.)
• Dressing
• Help using the toilet
• Housework
• Taking medication
• Cleaning
• Money management
• Caring for pets
• Shopping for clothing and groceries

This type of care can be provided in your own home on a long term basis. LTC helps with this kind of daily personal care for the disabled, those with chronic illnesses and other serious conditions.

Thomas & Associates can provide a free, no-obligation quote for Long Term Care insurance. Call 904-730-3900.

Features and Benefits of Long-Term Care Insurance

A long-term care insurance policy comes with a few basic features, but there are additional features available, as well. For example, many policies will come with inflation protection, along with nonforfeiture benefits. In addition, some plans may offer other features, including:

• Refund of premium – some or all of your premiums may be refunded, minus the amount of the claim. However, this features comes with specific terms, such as how the premium may be refunded and age restrictions.
• Waiver of premium – If you are put into a nursing home and your insurance provider begins to pay benefits; this feature will allow your premium to be waived. You won’t have to pay premiums for a specific amount of time, usually 60 to 90 days.
• Restoration of benefits – If you end up in a situation where you don’t need benefits for a specific amount of time, usually 180 days, your insurance provider may return your benefits to the original maximum payout.

Fundamentals of the LTC Partnership Programs

The LTC Partnership Program provides a way for individuals to purchase long-term care insurance coverage to help protect assets they may need to spend down to qualify for Medicaid. A Partnership policy will allow you to use some or all of the benefits of the policy instead of spending down your assets. Once you’ve used the benefits, they will be disregarded when it comes to calculating eligibility for Medicaid.

Contact Thomas & Associates today, and let us help you select a long-term care plan that is best suited to your particular situation.