Long-Term Care Insurance

Long-term care insurance is a coverage that pays a daily or monthly benefit for medical or custodial care received in a nursing facility, in a hospital, or at home. The cost of long-term care in a nursing home is staggering. The majority of long-term facilities charge $90,000 to $130,000 or even more for each year of care. The Medicare program provides only limited assistance in paying for the cost of long-term care. The patient must require medical care in a skilled nursing facility, and only up to 100 days are covered. Custodial care is excluded altogether. In addition, most elderly are not initially eligible for long-term care under the Medicaid program, which is a welfare program that imposes strict eligibility requirements ...

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