Long-Term Care Insurance (LTCI)

Long-Term Care Insurance (LTCI)

Covers:

1. Home care (e.g., personal care, adult day care)
2. Assisted living facilities
3. Nursing home care
4. Adult foster care
5. Respite care
6. Hospice care

How LTCI Differs from Medicare:

1. Coverage: Medicare primarily covers medical expenses, while LTCI focuses on long-term care services.
2. Eligibility: Medicare is generally available to those 65+, while LTCI can be purchased at various ages.
3. Benefits: Medicare typically covers short-term, skilled care, whereas LTCI provides extended benefits for ongoing care.

Key LTCI Considerations:

1. Age: Purchase earlier to lock in lower premiums.
2. Health: Pre-existing conditions may impact eligibility or premiums.
3. Inflation protection: Consider riders to protect against rising care costs.
4. Elimination period: Understand the waiting period before benefits begin.

Now that you've got a better understanding, feel free to give me a call at 734-508-2021 to discuss your options and create a personalized plan.