Q. Won't Medicaid and Private Insurance cover most of my LTC needs?
A. The fact of the matter is that LTC is only covered in part by medicaid and private insurance only cover a fraction of what is needed.
Q. Am I too young to think about LTC insurance?
A. Depending on your situation yes, or no. Long Term Care insurance is cheaper when you are younger of course but the difference in cost between a 21 year old purchasing LTC insurance and a 29 Year old purchasing LTC is negligible.
Q.What are my options?
A. You can either spend down your assets or put everything in your kids names till 5 years before you need it to qualify for medicaid(known as medicaid planning) and end up in a nursing home with an available bed.
You can fund your needs out of your own pocket.
You can have friends or family take care of you
You can purchase long term care insurance.
Q. Can I purchase LTC insurance through work?
A. Yes often you can and if not you can request your employer to add it to your plan, the benefit to your employer is there are several plans where he doesn't have to fund it so you get a great group discount and he has a rich benefits plan.
Q. WHAT IS LONG TERM CARE INSURANCE?
A. Insurance designed to provide coverage for necessary medical or personal care services provided outside of a hospital setting, such as in a nursing home or in the insured's home Long term care insurance is product bought by individuals and sold by insurance companies to offset the cost of needing care, LTC insurance includes many.
Q. What companies offer LTCI?
A. Prudential and John Hancock are two of the most popular options in the state of Pennsylvania.
Please, consult your financial services consultant with any other questions or email medinifinancial@gmail.com. Medini Financial is licensed with the Pennsylvania Department of Insurance only.
We appreciate your time. Keep those questions coming!
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