Long-Term Care Insurance
Long‐term care insurance through Johnson Insurance goes beyond medical and nursing care. It also includes all the assistance you may need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. With long‐term insurance you can receive care in a nursing home, assisted‐living facility, or in your own home.
Who will need long‐term insurance?
What does long‐term care cost?
Long‐term care can be very expensive and the real amount you will spend depends of the level of services you need and the length of time you need care. In most cases, you and your family pay about one‐third of all nursing home costs out‐of‐pocket. Generally, long‐term care isn't covered by your health insurance. Medicare may only pay for a small portion of short‐term skilled nursing home care following hospitalization. Medicaid, the federal program that provides health care coverage to lower‐income Americans, will pay almost half of all nursing home costs, but only if individuals meet the federal poverty guidelines or after nursing home residents exhaust their savings and become eligible.
What types of long‐term policies does Johnson Insurance offer?
Johnson Insurance offers several types of policies for you to best meet your needs. Most are known as indemnity or expense incurred policies. An indemnity or per diem policy pays up to a fixed benefit amount regardless of what you spend. With an expense‐incurred policy, you choose the benefit amount when you buy the policy and you are reimbursed for actual expenses for services received up to a fixed dollar amount per day, week or month. You may also consider an integrated policy or policies with pooled benefits. This type of policy provides a total dollar amount that may be used for different types of long‐term care services. It usually will have a daily, weekly, or monthly dollar limit for your covered long‐term care expenses.
Your Johnson Insurance agent will help you understand the types of long‐term polices you can choose from and exactly what is and is not covered under a particular policy.
By Robert Holton, VP, Wealth Advisor, Cleary Gull Advisors, a Johnson Financial Group Company
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