Paying for Long Term Care
What is Your Strategy to Pay for LTC?
Private Pay (Self-Insuring)
Paying for care out of your savings, retirement or liquidating your assets, like your home can have a negative impact on your financial commitment.
Every dollar used for care is a dollar that cannot be used to pay everyday expenses such as your mortgage or rent, groceries, utilities, and other bills.
56% of couples without LTC insurance spend down to the poverty level after one partner has spent 6 months in a nursing home1.
1 Health Insurance Association of America
Depend on Family to Care For Me
Have you considered the impact this decision may have on your loved one(s)? Are your family members aware of your decision?
Balancing a career, a family, and caregiving responsibilities can take a toll on the caregiver physiologically (61% of caregivers2), financially (44% of caregivers2), and personally (27% of caregivers2).
2 Unum UUS Caring Report
Rely on Government Programs
Medicaid is a government assistance program that pays for certain LTC services for people with low income and minimal assets. Choice of care facility may be limited.
Medicare provides health insurance coverage for those age 65+, it does not cover long term care.
Purchase LTC Insurance
A policy will help protect your savings, retirement, and home, while relieving your family of caretaking duties.
Your benefits are available following your elimination period and provide a stream of benefit dollars to cover eligible expenses.
Your family can oversee your care, but they do not have to spend their time coordinating or providing care.
You gain the flexibility to choose where care is received.