Published on : 2017-05-24 00:02:51

But to qualify you need to have very limited financial assets (less than $2,000 in most states) and limited income (this varies widely among the states but is rarely more than a few thousand dollars per month). Few financial products are as misunderstood as long-term care ­insurance. And in an era of budget-cutting, Medicaid benefits may become less generous ltc worth buying. If you have a nest egg of $2 million or more, you probably can cover any care you will need out of pocket and can skip buying LTC insurance. These policies are complicated and expensive and cover a risk that most of us would rather not think about: the need for help with personal assistance in frail old age or if you ­become disabled as a younger adult. But neither traditional Medicare nor Medicare Advantage managed care nor Medicare Supplemental (Medigap) will pay for long-term services for someone with chronic disease. 10 Questions To Ask Before Buying Long-Term Care Insurance Share to email Opinions expressed by Forbes Contributors are their own. But they can be a critical piece of your retirement planning, and if you are in your 50s or 60s, long-term care (LTC) insurance is a product you should at least consider. The following story appears in the July 17 issue of Forbes magazine.

But that requires the discipline to put aside extra money each month for years. You now have access to benefits that can help you choose right, be safe and stay informed. For many people, however, the assistance needed will be relatively modest, can be provided by family members and might not be covered by LTC insurance anyway. Medicaid will provide a safety net for you. What’s more, you’ll need it for an extended period, since policies typically don’t cover the first 90 days of care. Almost seven of every ten of us will need some sort of personal assistance after age 65, and we’ll need that help for an average of about three years. That’s because to qualify for LTC benefits you must need help with at least two of five “activities of daily living,” such as getting in and out of bed, bathing, dressing, eating or going to the bathroom. On the other hand, 20% of seniors will need care for five years or more, and 5% will spend more than $100,000 of their own money on this assistance. And remember, if you purchase at 60 you’ll likely need enough retirement income to keep paying premiums for 20 years—and those premiums are certain to increase over time, perhaps outpacing your ability to pay.

In addition, while all states have Medicaid home-care programs, they often are severely underfunded, have long waiting lists or provide limited services. Medicare may pay for limited nursing assistance after you have been hospitalized ltc worth buying. There is lots of confusion about ­government coverage of long-term care.Lisk.
. If you have limited income or less than $200,000 in assets, don’t buy private insurance. Here are some questions to help you decide. Thus, if you can’t pay or don’t have ­insurance, your only government-funded option may be Medicaid in a nursing home. .Steem.Dragonchain.

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