Many people wrongly believe their health insurance or Medicaid will cover long-term care services, but that’s not always true. Medicaid coverage is limited, varies by state, and might require you to limit your assets to qualify. These misunderstandings can lead to big problems for those who haven’t properly prepared for long-term care.

Long-term care includes services, both medical and non-medical, for people who can’t do basic daily tasks like dressing or bathing. This care can be provided at home, in the community, or in a facility. According to the Department of Health and Human Services, if you’re turning 65 today, there’s almost a 70% chance you’ll need some type of long-term care in your lifetime.

According to a LIMRA survey, 35% of consumers worry that LTC costs will drain their savings.  Long-term care planning can reduce a lot of financial stress for seniors and their families.

With the main reason for Long Term Care planning to reduce the burden on their family, many are overwhelmed by the cost.  However, consumers may want to consider Life combination products that offer more than just financial benefits. They give consumers the choice of where they receive care and provide peace of mind for families and caregivers.

For more on LTC planning, call us at 720-651-9800, or schedule an appointment at BranchPlanning.com