Kevin Oliver Insurance Agency, LLC
Today, Long Term Care Insurance is almost a necessity with the rising cost of nursing home, assisted living, and home health care. There's options to get these cost paid in it's entirety, one way would be to get long term care insurance because Medicare doesn't cover convalescent or custodial care, other's would be to get Veteran's benefits, or Medicaid.
Types of long term care insurance are tax qualified, when you receive favorable tax treatment, or non-qualified. LTC insurance will cover some or all of the daily cost of care if you're deemed by a medical professional cognitively or functionally impaired and unable to complete at least two of the six activities of daily living (ADL'S). It's important to know the cost of care in your area before you purchase a long term care plan because the cost of care is dependent on the area you live, and the amount of coverage you may need.
A very popular long term care insurance plan available today is a tax qualified state partnership long term care insurance, with this type of plan you're entitled to offset assets normally counted when applying for institutionalized Medicaid up to the maximum LTC benefit amount, however you still would need to qualify for Medicaid based on income. If you don't have a state partnership long term care plan and you go on to Medicaid then Medicaid is allowed estate recovery of any amount paid from your estate at death including uncountable assets while qualifying. I must say, there are some exceptions to this rule.
To get a no obligation quote for long term care insurance then contact us.