Long-term care insurance policies are designed to help cover the costs for the physical care and day-to-day living assistance you may need if confronted by a lengthy illness, severe accident, or effects of aging.
Since aging is a gradual process, it’s unlikely that you will suddenly wake up one day needing nursing home care. Instead, most people go through several stages of care; a progression that begins with in-home care and may- or may not- lead to a skilled nursing facility.
Many consumers believe they already have protection, however private health plans offer limited pro-tection for in-home nursing, assisted living, or nursing home facility services, and Medicare (or Tri-Care) pays only for temporary care required after hospitalization. Medicaid may be available to individuals who meet strict state and federal income and asset requirements, but it is not intended as a long-term care funding entitlement.
When considering insurance, one of the most important factors to consider is the quality of the company providing your coverage. This is particularly important when you realize that long-term care insurance is often purchased for an event that may be 20, 30, or even 40 years away. That’s why it’s essential that you make sure that the company that you select to help protect your future will be there when you need them.
For more information about long-term care insurance, contact Peter Cutler/New York Life at 210-559-7352 or pccutler@ft.newyorklife.com.