Long-term insurance care coverage can help pay for home health care, nursing home costs, adult day care and other qualifying services. Benefits are paid tax-free after qualifying conditions are met.1 If you never need long-term care, your beneficiaries will receive your death benefit, tax-free.
An estimated 70% of people over 65 need long-term care at some point in their lives.2 And contrary to what many people believe, health insurance won’t cover the cost of long-term care. Neither will Medicaid if you have more than $2,000 in assets.3 Medicare will cover some long-term care costs, but only up to 100 days. And only following a three-consecutive-day stay in a hospital, while undergoing treatment.
If you’re interested in long-term care, you may want to consider life insurance policies that let you purchase a long-term care rider at an additional cost.
Talk to your insurance professional about long term care insurance costs and whether it makes sense for you to get long-term care coverage with your life insurance policy.