it's not always clear how those expenses are covered.
Medicaid - covers long-term care expenses for individuals with countable assets of $2,000 or less and care could be limited to a nursing home
Medicare - covers only a portion of long-term care costs up to 100 days; 20 days are provided at no cost and the remaining 80 are at a significant co-pay for the insured.
Long-term disability - covers your lost income, but doesn't pay for any LTC needs. Oftentimes, when your job ends, so does your coverage.
Health insurance - does not cover long-term care expenses. Medigap policies are health insurance and also do not cover LTC expenses.
Self-insure - assets used to pay for long-term care can deplete future income for your spouse as well as drain the inheritance you planned to leave for your loved ones.
Family members - even the most responsible, are not always prepared physically, emotionally or financially to care for their loved one. 53% of Americans caring for a loved one lost income due to the demands of providing that care.11
Long-Term Care Coverage: The right plan may help cover the cost of your long-term care while offering you flexibility, choice and control over how you receive that care.