Long-Term Care

We help folks to figure out their options for financing long-term care expenses, such as using life insurance, annuities, or LTC insurance. Contact us to begin the conversation. We’ll ask you to complete & return the LTC insurance factfinder. (Group LTC  and disability insurance is available for businesses and organizations.)

  • Understanding long-term care services and your possible need for services can help you maximize your independence and functioning at a time when you may not be fully independent due to a sudden illness, chronic condition or accident.
  • Planning ahead for long-term care is important because there is a good chance you will need some long-term care services if you live beyond the age of 65. Almost 70% of people over 65 need some LTC services at some point.
  • Paying for long-term care is difficult. Many people think Medicare pays for long-term care – but it doesn’t. Paying for LTC out of your personal income and resources can be very costly.

Paying for LTC
Long-term care services include personal care services like bathing, doing household chores, and other activities, to help you stay independent in your community. Long-term care also includes community services, such as meals, adult day care, and transportation services. Residential facilities, such as assisted living facilities and nursing homes, also provide long-term care services along with housing.

Depending on how much you need, these types of services can be expensive. Medicare and other health insurance do not include most long-term care services, so planning for how you might pay for long-term care becomes important. If you have fairly low income and savings, you may qualify for Medicaid, the federal public program that pays for most long-term care services. Other federal public programs, such as the Older Americans Act, and state-funded programs, pay for long-term care services, but, like Medicaid, these programs cover services for people with high levels of disability and low income and savings.

With 70 percent of us needing long-term care services at some point during our lives after turning age 65, and the limited coverage of public programs, there is a good chance you will have to pay for some or all of the services out of your personal income and savings. Even if you only need a little assistance at home with personal care, paying for long-term care out of your personal income and savings can be difficult. For example, you would pay more than $19,000 on average for a home health aide to assist three times a week, in 2010.

California Partnership for Long-Term Care policies are sold by select insurance companies who offer policies that meet the special standards established by the State. A Partnership policy, with its unique lifetime Medi-Cal asset protection feature ensures that you will not be forced to spend everything you have worked for on your long-term care. You may download a brochure by clicking here.

Private Financing
It’s difficult to predict if or how much care you will need, who will provide it, and how much it might cost. It’s easier to predict that if you need a lot of long-term care services, you will have to pay for some or all of it yourself. That’s why more people are looking into private financing options to help pay for their long-term care.

Private long-term care financing options include:

  • Long-term care insurance
  • Trusts
  • Annuities
  • Reverse mortgages

Which option is best for you depends on your age, your health status, your risk of needing long-term care services, and your personal financial situation. Contact us today to begin exploring your options for taking care of tomorrow.

RESOURCES
Compare Cost of Care Across the United States: https://www.genworth.com/cost-of-care/landing.html

  • Click a state or region to view cost details, to compare costs across locations, and to calculate projected long term care costs.
  • Scroll down to learn more about the survey and its methodology, to download the full report or state-specific data, and to access survey highlights.
  • Take this data with you! Download the new Cost of Care app from iTunes.

The California Partnership for Long-Term Care: http://www.dhcs.ca.gov/services/ltc/Pages/CPLTC.aspx

The Partnership has launched www.RUReadyCA.org an independent, easy-to-use website that offers a host of tools, information and calculators to help each Californian plan for their individually unique long-term care needs.

U.S. Government website National Clearinghouse for Long-Term Care Information.