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Long-term care: Are you covered?

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Kelly Blog PhotoA survey, sponsored by the National Institute on Aging, found that the number one category of out-of-pocket spending for families caring for an elderly relative was for long-term care (LTC) services such as a nursing home stay or assisted living. Many are surprised to learn that these expenses are not covered by Medicare. Additionally, home healthcare services are in the “not covered” column under Medicare. With the high cost of long-term care services—the median yearly cost in Wisconsin for a private room at a nursing home is currently $93,075—your financial situation can change drastically in a short period of time.

Only LTC insurance provides coverage for quality LTC that may be needed at any time in life. Today’s policies also recognize that most people prefer to receive care at home and offer flexible cash payments so that even friends and family members can be compensated for providing assistance.

If you have a financial plan that does not include LTC insurance, consider learning more about how this coverage can preserve your assets in the future. Free long-term care seminars are being scheduled around the state and online. You can even set up a personal phone presentation at your convenience. Over 19,000 Wisconsin educators and their spouses have taken advantage of these learning opportunities.

Kelly Behnke, CIC, CISR, ACSR
Personal Insurance Consultant