Traditional health insurance, Medicare, and Medicare Supplements will not cover a long nursing home stay, care at home or care provided in an assisted living facility. Most people who have only standard insurance coverage must bear the financial burden of long-term care either entirely on their own or with assistance from their families.
Long-Term Care (LTC) Insurance significantly eases this burden by reimbursing the cost of a variety of services designed to assist an individual with the functions of day-to-day living while remaining independent; whether they are living on their own, or in a health related facility. In addition, unlike most types of coverage, Long-Term Care provides favorable tax treatment on both premiums and benefits.
A Long-Term Care strategy should be a part of any retirement plan. Owens Group can help facilitate this important discussion and provide solutions for your specific needs.