© 2017 Lifelong Care Network

LTC FAQ

Won’t my health insurance or Medicare pay for long term care?

Not likely. First, health insurance doesn’t usually cover long term care. Second, by the time you need care, you may not be working and you may not have health insurance.

At that point, you probably will have Medicare as your health insurance plan. But Medicare doesn’t cover most long-term care expenses either. And even when Medicare does cover some expenses, the care you want and the care the government will provide may differ widely.

 

Some states are also offer tax advantages for residents who buy LTC insurance. For example, New York State gives a 20% credit to all state income tax payers—both individuals and businesses—that pay qualified LTC premiums.

 

Ask us about this for your state.

 

If Medicare and my health insurance won't pay for long term care, will Medicaid pay?

Medicaid will help you, BUT you must have few assets and low income to qualify. Most people don't want to impoverish themselves under any circumstances, let alone to qualify for Medicaid.

 

And remember, Medicaid recipients must follow government rules. If you are a Medicaid recipient, Medicaid makes your care decisions, ultimately, not you.

 

In contrast, LTC Insurance gives you freedom of choice. You choose how to use your money. You choose your care, including where you will be when you get your care. This is important: most people want to be in their own homes, if possible, even when they do need care. They don’t want a government program telling them they have to go somewhere else, like a nursing home.

 

You may feel better in your life if you are in control of your care rather than Medicaid.

 

I don't want to burden my children: how will LTC help?

Most people do not want to be a burden to their families. For them, LTC insurance provides an intelligent safety net that insures not only them but their families. They can rest easy, knowing they won't be a burden on anyone.

 

When is the ideal time to purchase LTC insurance?

Most people apply for it in their 50s and 60s while they’re still healthy.

 

Pre-existing health conditions can preclude you from qualifying for a policy.

 

You have to get it before you actually need it.