Who needs long-term care insurance?

If you're under the impression that you'll be covered for long-term care when you need it, you may be in for an unpleasant surprise. Neither Medicare nor most health insurance plans are likely  to cover long-term care. 

Medicaid will typically pay for long-term care only for those with no resources of their own. In fact, if you have more than $1500 in assets, you may be forced to sell them before Medicaid steps in.

The rules for Medicaid eligibility and how your assets are regarded can be complex. However, long term care insurance is purchased in part to reduce your reliance on Medicaid and protect the assets you've worked so hard for. 

If the support from your family and friends is strong, you may not need long-term care insurance. And if you have sufficient financial assets or income, you may be able to cover any these costs associated with long-term care. But, before you decide, give me a call to discuss your options and help you plan for the future.

The information here is not meant to advise you. It is to provide you with some things to consider.