Sounds like a reasonable question right? Assisting living insurance will cover nursing home costs. Let’s think about this. Hmmm… The truth is, it’s kind of a trick question. First of all, there really is no such thing as assisted living insurance per se. Although you may hear someone claim they’ve purchased assisted-living insurance, they’re confusing it with long term care insurance, which will cover someone who enters an assisted-living facility.
So now that we know what assisted-living insurance is, or isn’t, we can answer the second half of this question, which literally speaking is obviously not true. Instead, the question should be asked is, will long term care insurance cover our nursing home cost? The answer to that is yes.
Last but not least, it’s important to understand that assisted-living facilities are NOT the same as nursing homes. Many people confuse the two and often think they’re one and the same. This just isn’t true. Most people will enter an assisted-living facility before going to a nursing home.
Our next post will include an explanation of why it’s important to understand the difference between assisted living and a nursing home. Subscribe to our long term care insurance blog and be the first to know
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LTC Connects is now on Facebook. Click on the “Become a Fan” button to the right or Click HERE to become a fan and start a discussion on long-term care insurance. We hope this be a new venue for folks to chat about long term care issues. We’ll be monitoring the page frequently and will post updates when we see fit (which these days is quite often!)
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If you are considering a long term care insurance (LTCI) policy you should be aware that there are many ways to save money through discounts offered by insurance companies. These discounts and potential savings include;
- Spouse / Partner – Savings up to 40%
- Preferred Health – Savings up to 20%
- Increase your Deducible – Save up to 10%
- Small Business – Save up to 5%
- Buy Before an Age Change – Savings of 5-10%
Over the next several blogs we will be describing each in more detail. In the meantime if you speak with an insurance professional make sure they are aware of these savings opportunities.
Long Term Care Insurance, Uncategorized insurance for long term care, long term care, Long Term Care Insurance, long term care insurance consumer, long term health care, long term health care insurance, long term home care insurance, ltc, ltci, private long term care insurance
A short piece on the McKnights blog spells out a growing concern among the community of long term care providers in regards to Obama’s ideas for cuts to Medicare Medicaid services.
Nursing homes, long-term care hospitals and rehabilitation facilities, would see their share of Medicare and Medicaid money reduced by $14.4 billion over the next decade under Obama’s new proposal.
It will very interesting to see what the reactions are to Obama’s plans. What do you think should be done? Does this make a stronger case for having long term care insurance?
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In recognition of the enormous social and economic impact of long term care and the costs associated with that care, a bill was introduced in the House of Representatives to increase the accessibility of long term care insurance (LTCI) to Americans.
The “Long-Term Care Affordability and Security Act” would would permit LTCI to be included in employer-sponsored cafeteria plans and flexible spending accounts (FSAs), enabling people to pay LTCI premiums using pre-tax dollars.
You can visit govtrack.us to read the full text of the document and track the bill’s progress.
Long Term Care Insurance, Medicare Medicaid Services, Uncategorized http://www.ltcconnects.com/resources/, long term care, Long Term Care Insurance, long term care insurance and, long term care insurance need, long term health care, long term health care insurance, ltc, ltci
