Long Term Care Planning
Long Term Care Planning
Long Term Care is an important part of retirement planning and one that gets confused with the skilled nursing facility coverage Medicare provides. Medicare does not cover Long Term Care. The most coverage Medicare provides is 100 days of skilled nursing care following a 3 day stay in a hospital (not LTC). If you're looking for coverage to protect assets in retirement, a long-term care plan is the solution. In this blog, I go into detail about the options below for long term care planning.
- Traditional Long-Term Care (LTC)
- Traditional LTC with Partnership
- Hybrids
- Annuity with LTC Component
- Recovery Care Policy
- True Freedom Home Healthcare (No Underwriting/Not Insurance)
One other tip on Skilled Nursing Facilities. If you're going the Medicare Advantage route, research a facility and make sure it's in the network and call to see how your Advantage plan is received in the facility.
Get a Quote
This is best purchased in your 40's and 50's vs waiting until your 60's. In this blog, I show some examples on the cost of waiting. In addition, as you read the form for the quote, our insurability chances diminish as we age. Not only does our health play a role, but family history does too.