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Long Term Care
What is long-term care?
Long-term care is a variety of services designed to meet a person's health or personal care needs during a short or long period of time. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own.
Who needs long-term care?
Anyone can need long-term care at any age. However, the risk increases as one gets older. Others who might require LTC include those with chronic illnesses, disabilities, or conditions like dementia or Alzheimer’s disease.
Paying your premiums gives you access to a predetermined pool of funds or a certain amount of reimbursement for costs of your care.
There can be tax benefits and different discounts available to help with costs.
Paying your premiums gives you the ability to utilize your predetermined death benefit for your care should you need it . If you do not use the death benefit for your care, your beneficiaries receive that amount at your passing. Two policies in one.
One time lump sum payment that when claimed on almost doubles your deposit and becomes 100% liquid (usable) for your care.
They include:
Home-based care: Personal care, nursing, and therapy services at home.
Adult day health care: Daytime programs outside the home.
Assisted living: Residential communities offering personal care services.
Nursing homes: Institutions providing 24-hour nursing and personal care.Hospice care: Services for terminally ill individuals.
Long-term care can be expensive. Payment sources include personal savings, long-term care insurance, Medicaid (for those who qualify).
Medicare is primarily health insurance for seniors and some disabled individuals, and it typically does not pay for long-term custodial care. Medicaid is a state and federal program for low-income individuals, and it may pay for long-term care if one qualifies.
Planning is crucial since there's a good chance one might need long-term care. Start by assessing personal risk, understanding different services, researching LTC insurance options, and considering your financial position and any government benefits you might be eligible for.
Yes, many people prefer to get LTC in their own homes. This can be through home health agencies, personal care aides, or even family caregivers. Some insurance plans also cover home-based LTC.
LTC insurance can help cover the costs of care, protect assets from being depleted, ensure more choices for care types, and may provide peace of mind for both the individual and their family.
Start by assessing your needs or those of your loved one. Visit multiple facilities or providers, ask questions, review inspection reports, and consider feedback from residents and families.
What factors impact the cost of long-term care?
Costs can vary based on the type and duration of care you need, location (urban vs. rural, which country or state), the provider, and the level of luxury or specialization of the facility or service.
ADLs refer to basic self-care tasks, including bathing, dressing, transferring (moving to and from a bed or chair), toileting, continence, and eating. Assessing someone's ability to perform ADLs helps determine the level of care needed.
In some regions or under certain programs (like Medicaid), family caregivers can be compensated for providing care. Each situation is unique, so it's essential to check with local agencies or professionals.
Signs include a decline in physical health, inability to manage ADLs, worsening chronic health conditions, cognitive impairment, frequent falls, and increased hospital visits.
It's advisable to review your policy annually or after any significant life change, like a health diagnosis, marriage, or retirement.
Are there alternatives to traditional long-term care insurance?
Yes. Some life insurance policies or annuities offer long-term care riders. There are also hybrid policies combining life insurance with long-term care benefits.
Verify their qualifications, training, and experience. Check references and conduct a background check. Ensure they can cater to your specific needs, be it medical care, ADL assistance, or companionship.
Many people believe that Medicare generally covers nursing homestays. Unfortunately, there are many costs associated with nursing home stays that are not covered. This makes it important to review what coverage options are available and which one might be right for you and your family.
This becomes more and more important as people continue to live longer. Recent statistics show that a private nursing home stay can cost more than $80,000. The government says the average length of stay is more than 800 days. The Wall Street Journal reported that of those who turn 65, more than 70% will eventually need Long-Term Care.
Long Term Care may not be an option for everyone, which is why we also have Short Term Care plans available. This is affordable protection against unanticipated events that can create serious financial damage. It deserves thought and discussion. Additionally, if possible, most people would prefer to stay in their homes. Home Health Care coverage may be just the thing that prevents a nursing homestay.
Paying your premiums gives you access to a predetermined pool of funds or a certain amount of reimbursement for costs of your care.
There can be tax benefits and different discounts available to help with costs.
Paying your premiums gives you the ability to utilize your predetermined death benefit for your care should you need it . If you do not use the death benefit for your care, your beneficiaries receive that amount at your passing. Two policies in one.
One time lump sum payment that when claimed on almost doubles your deposit and becomes 100% liquid (usable) for your care.
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stress-free retirement.
About Us
Our company has been serving clients for 8+ years. We not only love what we do but we love who we serve. Whether you are looking for Medicare plans, Life insurance or Financial services, etc. The Medicare Exchange is the go-to company for all of your retirement needs.
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Let us help you live a healthy, happy,
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Client Testimonials
I just today saw the article on your website about the wonderful party Tacoma had for my 86th birthday on July 17, 2023. I didn't realize when I set an appointment with Amber for that day that It was going to be a party! Thank all of you for that, and Amber for baking the biggest, roundest, most chocolatie, most decadent, most perfect birthday cake I've ever seen or eaten! And she very sweetly added just enough candles but not enough to cause a fire ..... Thank all of you, also, for being there for me and other seniors like myself - Amber and Alejandra have helped me throughout my entire health insurance problem, answering every question instantly and with total knowledge. I am recommending ya'll to everyone I know, including the Coordinator at my apartment complex. Thanks again!
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About Us
Our company has been serving clients for 9+ years. We not only love what we do but we love who we serve. Whether you are looking for Medicare plans, Life insurance or Financial services, etc. The Medicare Exchange is the go-to company for all of your retirement needs.
Opening Hours
Monday - 08:00-5:00
Tuesday - 08:00-5:00
Wednesday - 08:00-5:00
Thursday - 08:00-5:00
Friday - 08:00-5:00
Saturday & Sunday - BY APPOINTMET ONLY
Your access to and use of the Website is conditional upon your acceptance of and compliance with this Privacy Policy. This Privacy Policy applies to everyone, including, but not limited to: visitors, users, and others, who wish to access or use the Website.
By accessing or using the Website, you agree to be bound by this Privacy Policy. If you disagree with any part of the Privacy Policy, then you do not have our permission to access or use the Website.
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