FAQ – Long-Term Care
Frequently Asked Questions about Long-Term Care.
Click on the question and the answer will appear.
Isn’t long-term care expensive?
Yes, it can be. If you wait too long and due to your age or health you might not be able to afford it. There are three major types of LTC. A traditional LTC policy, Life insurance with LTC, and Asset Transfers.
However, have you learned about the life and long-term care hybrid coverages that are available now? Have you heard about the LTC hybrids that combines the idea of an asset transfer (you always have control of your asset) along with a life insurance policy?
What this means to you is this:
- You can quit and get your asset back.
- If you don’t use it your beneficiary will receive more than you put in tax-free! 3
- You need to use the policy. You’ll receive the benefits tax free and will also have an option of lifetime tax free coverage.
- Option to never have any monthly premiums.
I heard LTC policies can raise their rates a lot, is that true?
With the traditional coverages, yes. With the life insurance policies and asset transfers, the premium will never go up.
I thought Medicare or my Medigap covers nursing home and home care?
Medicare only covers what’s considered rehab. Example, you go to the hospital for a stroke. Medicare will cover up to 100 days in Skilled Nursing and provide part-time home care.
Medicare usually does not cover regular home care, assisted living, and any nursing care outside of rehabilitation. Care for dementia or simply bathing or dressing due to a disability is usually not covered by Medicare or any Medigap or Advantage plans.
Have you had this thought: I won't need it? Or, if I get to that point, I'll just pull the plug?
Majority of people of this same thought. However, the reason for that thought is having the wrong perception of long-term care. Many get the meaning of chronic illness confused with terminal illness.
What is chronic illness, and how do I qualify to receive care?
Most good policies only require 2 out of 6 activities of daily living, or cognitive impairment like Alzheimer’s and dementia. Therefore, one does not have be “on the death bed” to receive care.
The number one reason for care is falling or tripping. This could cause one to need help with simply bathing and dressing for many years.
Activities of daily living includes:
- Bathing
- Continence
- Dressing
- Eating
- Toileting
- Transferring
What is the cost of care?
Home care can cost around $300-$600 per day/ Assisted living can cost around $6k to 12k per month. Nursing homes runs around 12k-18k per month.
Wait! Who wants to think about nursing home? Most of us won’t even go into a Nursing Home. However, over 70% of us will use some form of care in our life. The average stay at home or an assisted living is 7-10 years! This could wipe ones assets and cause a financial, physical, and emotional burden to your family and friends.
What if I want to just self-insure?
Bottom line is, no one wants to be oversold and get a sales pressure. With our 3D SET process, you have the confidence that we will never overextend your budget or pressure you to buy more than you need or can afford.
We combine your income and assets so that you can combine the idea of self-insuring with leveraging insurance coverage. If you have enough to self-insure, then consider the Asset Transfer hybrid coverages.
Please click on “Free Consultation” below or call 408-502-7080 to schedule an appointment.
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By providing your name and contact information, you consent to receive calls, text messages, and/or emails from a licensed insurance agent about Medicare Plans at the number provided, even if you are on a government do-not-call registry. This agreement is not a condition of enrollment.
Not connected with or endorsed by the United States government or the federal Medicare program. This is a solicitation of insurance, and your response may generate communication from a licensed producer/agent.