Protecting your future starts with understanding your options, and long-term care insurance is one of the most debated. Let’s dive into the basics of long-term care insurance.
Does Medicare cover long-term care?
There is a common misconception that Medicare covers everything, including long-term care. Nearly 50% of adults over the age of 65 believe that Medicare covers long-term care in a nursing home. This is not the case. Medicare does not cover long-term care beyond skilled treatment in a nursing facility or rehabilitation, and it does not cover the tasks of everyday life. However, it is still important to have Medicare coverage, as it will cover medical bills, doctor visits, prescriptions, etc.
What is long-term care insurance?
Long-term care insurance is designed to help cover the costs of care that health insurance, Medicare, or Medicaid do not typically cover. This includes services like in-home care, assisted living, and nursing home care. It assists you with the five daily acts of living such as grooming, dressing, toileting, transfer or ambulating, and eating.
How much does it cost?
Long-term care insurance can be an affordable option compared to paying for long-term care out of pocket. For example, in 2024, the average cost of a private room in a nursing home was $330 per day or $10,025 per month. In comparison, the average annual premium for a $ 165,000 benefit policy was $950 for a single male and $1,500 for a single female at age 55. However, the cost can vary depending on multiple factors, such as your age, location, and coverage limits.
Do you need long-term care insurance?
No one likes to think about needing help with basic daily tasks, but the reality is that long-term care is an expense many will face. With Medicare offering little coverage for long-term care and the cost of care continuing to rise, having a safety net in place can be a great idea.
For a free consultation, contact one of our experienced Avery Hall agents today at 410-742-5111 for our Salisbury office, 410-822-7300 for Easton, or 302-316-6565 for our Selbyville office.