- The monthly costs of Homecare or an Assisted Living community can easily reach $5,000
- Long Term Care insurance won’t cover this and neither does Medicaid
- Converting a life insurance policy into a Long Term Care Benefit Plan is an often overlooked solution
Families across the United States are struggling with how to pay for the costs of long term care. Not enough people plan for the almost certain eventuality that they will need to pay for long term care for themselves or a loved one. The costs of long term care increase every year. The monthly costs of Homecare or an Assisted Living community can easily reach $5,000 and can last 3-5 years.
Long Term Care insurance won’t cover this and neither does Medicaid. Almost half of people who will require long term care in their life will end up in a nursing home. But, Medicare will only cover the first 100 days of rehabilitation in a nursing home; after that you either need to have private pay resources or go onto Medicaid if you can qualify.
One overlooked solution that is in the hands of millions of Americans is converting a life insurance policy into a Long Term Care Benefit Plan that can pay for any form of Homecare, Assisted Living, Memory Care or Nursing Home Care.
Before abandoning a life insurance policy, the owner should always find out what the conversion value of the policy is first. Insurance agents, legal professionals or the staff at an assisted living community, homecare company or a nursing home can help you find out more information on how to use a life insurance policy to help pay for long term care expenses for yourself or a loved one.