Long Term Care
When it comes to your health, you don’t have a crystal ball to look into the future, but most Americans are living longer and healthier lives thanks to advances in medicine and preventive care. While that is welcome news, it also means there is an increased risk of living with a chronic health condition that will require extended care. With the average private-pay nursing home stay costing $75,000, a Long-Term Care Insurance policy allows you to offset the high cost of extended care due to accidents, illnesses or advanced age while protecting your personal assets.
Although Long-Term Care Insurance evolved from Income Disability Insurance, major Medical Insurance or Disability Insurance does not protect a policy holder in the same way. Unlike a medical policy that will cover a limited number of days of recuperative time, a long-term policy will cover two years or more. Beyond that, Disability Insurance replaces only salary at the time of the injury, and not the care. The policy holder will then have to pay out-of-pocket for any ongoing long-term care due to his or her accident or injury. In addition, Medicare should not be considered a resource for handling any substantial long-term care expenses. This program reimburses the insured for a maximum of 100 days, with the average repayment of expenses being a mere 28 days.
The Financial & Estate Planning department at Morris & Garritano will help to ensure you enjoy not only the longevity of life but also all of the assets you built throughout its course.
