Long Term Care Insurance Michigan
Serving Senior Citizens throughout Michigan
What is Long-Term Care?
Long-term care is intended to help a person live as he or she is now - it is not necessarily intended to correct medical problems. It can be necessary because of a long lasting physical illness, disability, or a cognitive impairment (such as Alzheimer’s disease) and may include things like help with activities of daily living (ADL), home health care, respite care or adult day care, and it may be provided in a home, assisted living facility or nursing home.
How Much Does Long-Term Care Cost?
The cost of Long Term Care can be staggering. According to a 2011 survey published an by the Genworth Life Insurance Company, the median annual cost of long term care in Michigan ranges from $41,756 for licensed homemaker services to $85,775 for a private room in a nursing home.
Who pays for Long-Term Care?
~ Medicare. Under most circumstances, Medicare will only pay for care in a Skilled Nursing Facility AND only after a medical professional says it is necessary after you have been in the hospital for at least three days. This is a very small percentage of all long-term care needs.
~ Medicaid. In order for Medicare to pay, you must meet federal and state guidelines with respect to income and assets.
~ Out-of-Pocket. Often, people are forced to pay from their own funds draining their financial resources until they are eligible for Medicaid.
~ Long-Term Care Insurance. Long term care insurance is intended to pay for a wide range of long term care circumstances and to help prevent the depletion of personal assets.
Long-Term Care Insurance is NOT for everyone.
Whether you should buy a Long-Term Care insurance policy will depend on your age, health status, overall retirement goals, and assets. If you want to preserve personal assets, remain independent of government assistance programs, or if you don’t want to burden anyone else with having to provide your care, you should consider purchasing Long-Term Care Insurance.
Contact us or call today (734) 421-9900 to discuss your options with one of our knowledgeable representatives, or simply click below to get a quote!
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