Frequently Asked Questions About Long Term Care

Frequently Asked Questions
About Long-Term Care

What does long-term care cost?
It varies, depending on where you live and what type of care you need. A recent Metlife study shows costs ranging from $90 in Louisiana to $413 per day in parts of Alaska. The national average cost in the U.S. is $153.

Why would I need long-term care insurance if I have Medicare or other health insurance?
This quote is from the National Association of Insurance Commissioners, "Medicare, Medicare supplement insurance, or the other major medical insurance you have WILL NOT PAY for long-term care."

Why doesn't Medicare pay for long-term care?
Medicare only pays for skilled care. Most long-term care does not meet this criteria! Medicare Supplements only pay on Medicare authorized expenses. If Medicare doesn't pay, neither does your supplment.

If I do need skilled care, how long will Medicare pay?
If you have a three day hospital stay, Medicare will pay for up to the first 100 days in a skilled nursing home. Skilled care must be required on a daily basis. Most don't qualify for 100 days. The average Medicare stay is less than 30 days.

Will Medicare pay for home care?
Medicare will only pay for intermittent, skilled care at home. The criteria are very strict tfor this. See our Medicare section for more information.

If Medicare won't pay for long-term care what about the Medicaid program?
Medicaid pays for long-term care for the poor. It has strict income and asset guidelines one must meet before you can qualify for it. See the Medicaid section for more information.

Doesn't the government have a national long-term care plan?
New tax incentives are available encouraging people to purchase long-term care coverage. That's it! Medicare expenditures are so high now the government is unlikely to pick up the mult-billion dollar price tag!

What types of long-term care does long-term care insurance cover?
Many different policies are available. There are policies that cover nursing home care, assisted living facilities, adult day care and home care whether it is "skilled" or "non-skilled" care.

What will a policy cost annually?
Annual premiums depend on many variables including:

Type of policy

Coverage you select

Your age

Your health status

Cost of care in your area

Discounts available

Younger people pay lower your premiums. Most annual premiums range from $1,000 to $3,000 per year, although it could be more.

Is it easy to qualify for long-term care insurance?
No! Most companies look at medical records for the past five years. Certain health conditions may not qualify. Progressive conditions like Alzheimer's and Parkinson's will not qualify. Insurance companies may also do a face to face interview to test if for any memory loss or cognitive impairments. It is not easy to qualify for long-term care insurance. One should apply for it as soon as they can!

What if I was declined already by a long-term care company?
Companies have different underwriting guidelines. You may want to apply again.

Are all long-term care policies the same?
Some policy components are the same to meet state and national guidelines, and others vary quite a bit from company to company.

If you have additional questions that were not covered here we encourage you to contact us with an e-mail or give us a call.

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