Chances are, you’ll need long-term care at some point. The majority of us will.
Understanding and planning for long-term care
Long-term care is another expense in retirement that will cause a person’s need for income to increase substantially to pay for the help they need when they can no longer perform everyday activities on their own.
Some people think that long-term care coverage only helps pay for nursing home care. In fact, over half of LTC claims begin with care at home.1
A common misconception
Many people think that certain programs will help cover the cost of long-term care. But the reality is:
- Health insurance doesn’t cover long-term care expenses
- Medicare will cover some long-term care costs, but only up to 100 days (after being admitted to a hospital and under treatment for at least three consecutive days.)
- Medicaid may cover long-term care expenses for individuals with assets of $2,000 or less (countable assets according to Medicaid regulations; varies by state) and covered care could be limited to a nursing home
- Paying for care out of pocket isn’t practical or cost-efficient for many people
Solutions that can help
Long-term care coverage was developed to help offset the cost of these services. At Nationwide we offer a range of Long-term care solutions: from riders on life insurance policies that accelerate the death benefit to a comprehensive life/long-term care insurance linked benefit in excess of the policy's death benefit, including an inflation protection benefit.
Our Long-term Care Rider II is designed for people who have a primary need for life insurance but also have concerns for covering long-term care costs.