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Should I Purchase Long-Term Care Insurance?

When Should I Consider Getting Long-term Care Insurance?

When you plan for retirement, the first things that come to mind might be vacations, lounging on a beach, traveling, and enjoying your grandkids. Naturally, focusing on the fun times ahead may be the first thing on your list, but all seniors should also consider how they will fund their long-term health care.

According to various statistics, 70 percent of American seniors will need some sort of living assistance, which can be costly and empty a person’s savings accounts. Unfortunately, long-term care is not covered by Medicare and that gap in the coverage can leave many seniors on the outside looking in when it comes to receiving care.

One way to subsidize that gap is through long-term care insurance. However, coverage can be costly and expensive. Let’s take a closer look and figure out the best options for seniors looking for long-term care coverage.

Does Long-Term Care Insurance Cover Nursing Home Costs?

Accidents can happen any time and if you are injured or incapacitated and need long-term care, things can get expensive quickly. The good news is that you can purchase long-term care insurance to help cover the part of the cost or the entire cost of your stay at a nursing home.

This may seem like a great solution, but the insurance can be very expensive and may not be worth the price.

However, for seniors in California who are looking to protect their assets and savings while still receiving care, Medi-Cal Planning may be the perfect solution. Contrary to popular belief, Medi-Cal is not a poverty program. ANYONE can qualify. The key is to start planning NOW, before you need long-term care.

How Can Seniors in California Protect Their Assets While Qualifying for Medi-Cal Coverage?

The answer is Medi-Cal Planning. The Medi-Cal program pays for long-term care and has become the  “go-to” solution for Californians in need of assistance. However, seniors should know that the state of California does have a 30-month lookback period where the state can examine your assets and accounts. Seniors should use a certified Medi-Cal planning attorney before trying to qualify for the program as there can be a lengthy illegibility period if the correct steps are not taken.

Elder Law Services of California specializes in Medi-Cal Planning and helping our clients receive long-term care coverage. If you are a senior and need help planning for the future, please contact us at (800) 403-6078 for a FREE phone consultation today.

We look forward to helping you retire with ease and peace of mind that your long-term care needs are covered.

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Related Questions
  • Is long term care insurance a waste of money?
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  • At what age should you purchase long term care insurance?
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