6/28/2017

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Long Term Health Care Insurance

Question: What is long term health care insurance?

Answer: Long term health care insurance is coverage that is offered by private insurance companies designed to help pay for long term health care due to illness or injury.

Question: What does long term health care insurance cover?

Answer: Long term health care insurance covers care in assisted living facilities, home care, nursing homes, convalescent facilities, custodial care facilities, hospice care, personal care homes, and community based care.

Question: How much does long term health care cost the average person?

Answer: Long term health care costs in the United States differ from state to state, but on average, it may cost anywhere from $50.00 a day up to $200.00 or more per day.

Question: Who pays for the cost of long term health care?

Answer: You are ultimately responsible for paying for your own health care, whether it is short term or long term. That is why long term health care insurance may be a good investment.

Question: Do Medicare and Medicaid help pay for long term care?

Answer: Medicare may pay for skilled care in nursing home facilities but only for a short period of time if the patient meets the medicare requirements. It may also pay for some personal care for some at home services.

If a patient meets federal and state poverty guidelines, Medicaid may pay for necessary care that is not covered by medicare.

Question: If I can't get medicare or medicaid, where will the money come from?

Answer: Long term health care will have to be paid by you, from your saving, income, or other resources. If your assets are used up, you may become eligible for medicaid.

Question: Will long term health care insurance pay for all of my long term health care expenses?

Answer: Long term health care insurance is designed to help pay for expenses incurred by injury or illness but it may or may not cover all the costs of your care.

Question: How much does long term health care insurance pay?

Answer: Depending on the amount of coverage you opt to purchase, you can get long term health care payment that can range from $50.00 per day up to as much as over $500.00 per day. Insurance companies will pay the amount that your policy specifies or the actual cost, whichever is less.

Question: How do insurance companies base their premium rates?

Answer: Insurance companies base their rates on your age, health, and any pre-existing conditions. So keep in mind that most insurance companies will not sell long term health care insurance to people who are over 85 years old.

If you get long term health care insurance, as with all insurances, read and understand what the policy covers.

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