Life Insurance with a Long Term Care Rider
Long term care is a topic many individuals avoid until it’s too late. During the past two months, I have had five individuals ask me what they can do to get care for an elderly parent. You probably know someone in a similar situation. They are learning elder care is expensive, $40K -$60K per year. They realize these costs will consume all their parent’s assets. They are hoping there is some “program” to help them. The answer is no and maybe. No, Medicare does not pay for long term care. The most Medicare will cover is 100 days in a rehabilitation facility while you are receiving therapy. There is a government program which covers long term care. It is called Medicaid, and you must be virtually broke to qualify for it. That is the maybe. Under Medicaid, you would have to exhaust all your assets to qualify for care. Then, find a long term care facility which is willing to accept a Medicaid patient. ...