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Long-term care insurance (LTCI) is an option for individuals who want to ensure coverage for long term care in the event of a catastrophic illness. There are basically three (3) ways to pay for long term care— (i) out of your own pocket, (ii) Medicaid, or (iii) long-term care insurance. LTCI coverage is not for everyone and can be very costly; but for the right individual who is insurable and can afford it, long-term care is definitely worth looking into.
An experienced insurance professional who specializes in long-term care insurance should be able to offer and explain the differences between varying policies and companies. Certain insurance representatives may only offer you policies through the company they work for—it’s important to work with a representative who can provide options.
Long term care insurance and the types of policies available have changed significantly over the years.
At Russo Law Group, P.C., we review LTCI plans with our clients in light of their circumstances and needs. This review is beneficial, especially in situations where having long-term insurance may actually have negative consequences for the client.
For example, if the amount of long-term care insurance and the client’s income is more than the Medicaid reimbursement rate (but less than the private pay rate at the nursing home), the client may not qualify for Medicaid, creating a shortfall which must then be paid out-of-pocket.
Contact us to discuss the option of long-term care insurance and the potential problem scenarios that could arise.