What Kinds of Insurance Pay for Long-Term Care?

Posted on: Jan 23, 2017

Long-Term Care encompasses a whole range of medical and personal care services that may be increasingly necessary as you age. These services can be as simple as minor assistance with activities of daily living, or as complex as 24-hour skilled nursing care. Whatever your future holds, you need to be aware of the different insurance options that are available to you and whether each option offers any coverage for Long-Term Care.
Long-Term Care insurance is one way that you can pay for Long-Term Care. This type of insurance can be a single insurance policy, or a part of a larger group insurance policy. Long-Term Care insurance generally pays for Long-Term Care expenses that regular health insurance or Medicare doesn’t cover. This type of insurance can be expensive, but can provide significant coverage for Long-Term Care if needed. However, there typically is an elimination period, ranging from zero to 180 days, during which you are financially responsible for the costs of your own Long-Term Care. Additionally, you usually will not qualify for coverage under your policy until you have reached a certain level of need, typically requiring significant assistance with two of six of the activities of daily living.
Medicaid may be another option for funding Long-Term Care, if you meet the eligibility requirements. For the purposes of Long-Term Care, you must have income and assets that fall below certain limits. If you own significant assets, then, you may be required to use those assets to pay for your care, or spend them down, until you meet the eligibility requirements. Or a Medicaid Asset Preservation Strategy™ may be available to you.
While considering the potential future for incapacity and Long-Term Care is often uncomfortable, we highly recommend that you take the time to consider your options and make these decisions in advance. Going through the Long-Term Care planning process involves making a significant amount of decisions that are not always easy. At Elder Law Group PLLC, we are here to give you the advice and support that you need when you are making these difficult decisions. From medical care coverage to asset protection to end-of-life decisions, we have the knowledge that you need to make the most informed decisions.  The Spokane asset protection lawyers of Elder Law Group PLLC handle all aspects of elder law cases on a daily basis. Call our office today to set up a consultation with one of our Washington elder law attorneys, and take the first step toward putting a comprehensive Long-Term Care plan into place.