Long Term Care Insurance

Long-term care (LTC) insurance pays for care in a nursing home, assisted living facility or even for care at your home if you are
unable to care for yourself for an extended period of time due to a debilitating illness, accident or disability. It covers the care you need over and above your medical care, such as help with bathing and dressing. The care could be provided by a variety of sources, including visiting nurses, home health aides, adult daycare centers, services that deliver meals or respite services for your family caregivers.

If you think this type of coverage is only for people who are elderly, it may be surprising to know that 40% of people who use LTC services are working-aged adults. They may have been in an accident, suffered a chronic illness or stroke. The remaining 60% of people who use LTC services are elderly. Talk with our Insurance agents about how LTC insurance can benefit you and your family.

• The cost of a year in a nursing home in Maine now averages more than $50,000
• Costs for ongoing care provided in your own home, while less expensive than that delivered by a nursing home are also increasing every year
• Medicare, the government health program for those over 65, only pays bills for a limited amount of LTC, and it must immediately follow a hospital stay, after that, you are responsible for the full nursing home or home care costs
• Health insurance doesn't usually cover non-medical care
• One out of three men over 65 will need long-term care
• One out of two women over 65 will need long-term care
• It is difficult to qualify for state Medicaid, the federal/state program for low-income adults and children, for either nursing home or home care
• LTC policies are usually more affordable than you would think
• Premiums may be partially, or fully, tax-deductible -- they are deductible from Maine Income Tax
• You can preserve your family's assets and ensure the financial well-being of a spouse

Policies usually specify your benefits in terms of a daily amount (with a lifetime maximum). Some policies pay less for at-home care, some pay the same amount and some offer a "pool of dollars" that you can tap into as needed.

• Reimbursement policies -- The insurance company reimburses you up to a specific dollar amount per day or week for services received
• Indemnity policies -- The insurance company pays a fixed dollar amount per day for specified care
• Integrated policies/policies with pooled benefits -- This type of coverage offers a total dollar amount you can use for long-term care services with daily, weekly or monthly dollar limits for your covered expenses

For more information about insurance planning and solutions, please contact us at 207-985-8300, toll free at 877-848-9653, or send us a secure e-mail.