The Benefits of Long Term Care Insurance Are Invaluable
Responsible Claims Handling Is a Hallmark of the FLTCIP
Ensure Mom Has the Care She Needs
Long term care insurance helps cover expenses for services for which most health plans and Medicare provide only limited (if any) coverage.
Health plans (including the FEHB Program, TRICARE, and TRICARE For Life) typically do not cover ongoing chronic care such as an extended stay in an assisted living facility or nursing home, or a continuing need for a home health aide to help you in and out of bed.
Medicare pays limited amounts for skilled care following a hospital stay; Medicare does not cover most long term care services which assist people with the activities of daily living over a long period of time.
Is Long Term Care Insurance Right for Me?
Long term care insurance is a smart choice for many people, but is not for everyone.
You should consider long term care insurance if you have assets of at least $70,000 (excluding your home) and/or you have income you want to protect.4 You may also want to consider long term care insurance if you want to choose where to receive long term care and/or you do not want to burden your family with caring for you.
You should not consider long term care insurance if you cannot afford the premiums. If you will be paying premiums with money received only from your own income, a rule of thumb is that you may not be able to afford this (type of) policy if the premiums will be more than 7% of your income.4
If your sole income is from Social Security or Supplemental Security Income (SSI) or if you are struggling to meet your basic monthly living expenses, this coverage may not make sense for you. If you are buying this (type of) policy to protect your assets and your assets are less than $70,000, you may wish to consider other options for financing your long term care.4