Long-term care insurance can help families manage the financial impact of home health care, assisted living, or nursing home expenses. It is important to consider the costs, the impact of inflation, and the potential burden that a long-term care need may have on loved ones. Adequate financial planning now can help prevent a lifetime of assets from falling short when you need them the most.
When planning for long-term care needs, keep in mind that:
- Medicare is not nursing home insurance and does not cover long-term care beyond 30 days
- Private medical insurance or Medicare supplement plans do not cover long-term care
- Medicaid generally does not cover long-term care until investments and savings have been depleted