The truth about long-term care insurance

What is Long Term Care?
Long Term Care (LTC) is needing assistance with activities of daily living when you live a long life and your body wears out, ie., toileting, bathing, dressing, eating, transferring, and continence. It also includes cognitive impairment so severe that requires constant supervision. Diversified Group Services, Inc. in Norwich, CT can help you receive this care.

Who Covers the Cost?
Too many people think Medicare covers long-term care expenses, such as nursing home and home health services. But, Medicare only provides short-term recovery benefits for skilled care in a nursing home following a hospitalization and pays only for home health visits for a few weeks, and nothing for 8-hour shifts at home.

Private health insurance policies, including HMOs and Medicare supplements, also just provide short-term recovery benefits. Most long-term care is of a non-skilled custodial nature and is not covered, except by the Medicaid welfare program. But to qualify for Medicaid, you must spend most of your assets. Unfortunately, many nursing homes have dropped out of the Medicaid program, leaving long waiting lists and limited choices at those remaining. In addition, legislation severely restricts transferring assets to qualify for Medicaid.

 

Long-term care resources:

Connecticut Partnership for Long-Term Care — www.CTPartnership.org

Overview of Connecticut Partnership for LTC — PDF download

Explanation of Connecticut Partnership for LTC — PDF download

Comparison of Connecticut Partnership for LTC Features — PDF download

Connecticut Partnership for LTC Can Save You Money — PDF download

PARADE: Do You Need Insurance for Long-Term Care? — PDF download

The Tax Advantages of Qualified LTC Insurance — PDF download

Medicare Limits for Long-Term Care in 2008 — CT Office of Policy and Management

2008 Nationwide Nursing Home and Home Health Care Costs — PDF download

Long Term Care to Self-Insure — PDF download

Tax Worksheet for Long Term Care — PDF download

Tax Guide for Long Term Care — PDF download