« Return to Blog

Long-Term Care Insurance Can Be A Lifesaver

nurse and patient

Don’t let long-term care financially devastate you! Learn how long-term care insurance can be a lifesaver! Read our blog today!

Long-Term Care Insurance May Be A Lifesaver

Approximately 70 percent of Americans need some type of long-term care or daily living assistance after age 65. And that long-term care comes with an annual median cost range of $94,900 – $108,405 nationally. When you consider that only 3.3% of the population has long-term care insurance, long-term healthcare needs can completely wipe out your lifetime savings.

Most people think that Medicare covers long-term care at home or in a nursing facility, but that is not the case. While Medicare offers some basic services for a short period, it doesn’t cover assisted living, skilled nursing, or long-term care. But Medicare and Long-Term Care (LTC) Insurance can work together to ensure you have the necessary resources and services available when you need them most.

Long-Term Care Insurance is a Perfect Partner to Medicare

Medicare offers some services, so it’s best to take advantage of these benefits first. After a three-day hospital stay, Medicare will pay for the total cost of skilled nursing care for the first 20 days in a skilled nursing facility. After that, you will pay about $200 in co-insurance per day. Medicare assistance completely stops after 100 days. If you’re unable to leave your house for medical or therapeutic care, Medicare will pay for home healthcare services, but it will not cover 24-hour care.

Long-term Care Insurance is designed to cover long-term services not covered by traditional medical insurance or Medicare. It includes a variety of benefits for individuals who need constant medical attention or custodial care for daily activities like eating, bathing, or mobility in either an assisted living facility, full-time in-home custodial care, or a private room in a nursing facility.

Long-term care policies reimburse beneficiaries a daily amount for services. The cost of a long-term care policy is based on your age, desired benefit amount, and any other benefits you choose to include. You should review your potential long-term care needs and various levels of protection before it becomes an emergency so that you are making the best long-term decision.

Review Your Long-Term Care Options with an MBIS Insurance Expert Today!

Long-term care insurance should be an essential factor that you consider as part of your financial plan. There are many options to choose from based on your financial situation and needs. Our Media Benefits Insurance Services* agents have the knowledge and experience on long-term care needs and the best approach for your unique situation. It’s better to be overprepared and covered than underprepared and financially devastated.

Schedule an appointment today by contacting:

Michelle Lee, First Entertainment Credit Union Financial Advisor

Share post on

Posted in Entertainment


We are not affiliated with Film Independent and Women in Film, or Meetup.com nor any of their related products or services.