Ad Spot

Are You Prepared for Long-Term Care Expenses?

In general, Americans are not sufficiently prepared to pay for long-term care. Many of them go through their lives simply hoping that they won’t ever need it. Unfortunately, if you or a loved one does need long-term care, hope won’t be enough to protect you from potential financial ruin.

Self-insurance as an option

To self-insure — that is, to cover the cost yourself — you must have sufficient income to pay the rising costs of long-term care. Keep in mind that even if you have sufficient resources to afford long-term care now, you may not be able to handle rising future costs without drastically altering your lifestyle.

The Medicaid option

Medicaid is a joint federal and state program that covers medical bills for the needy. If you qualify, it may help pay for your long-term care costs. Unfortunately, Medicaid is basically welfare. In order to qualify, you generally have to have few assets or will need to spend down your assets. State law determines the allowable income and resource limits. If you have even one dollar of income or assets in excess of these limits, you may not be eligible for Medicaid.

To receive Medicaid assistance, you may have to transfer your assets to meet those limits. This can be tricky, however, because there are tough laws designed to discourage asset transfers for the purpose of qualifying for Medicaid. If you have engaged in any “Medicaid planning,” consult an advisor to discuss any new Medicaid rules.

Long-term care insurance

A long-term care insurance policy may enable you to transfer a portion of the economic liability of long-term care to an insurance company in exchange for the regular premiums. Long-term care insurance may be used to help pay for skilled care, intermediate care, and custodial care. Most policies pay for nursing home care, and comprehensive policies may also cover home care services and assisted living. Insurance can help protect your family financially from the potentially devastating cost of a long-term disabling medical condition, chronic illness, or cognitive impairment.

A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the policy.

Long-term care riders on life insurance

A number of insurance companies have added long-term care riders to their life insurance contracts. For an additional fee, these riders will provide a benefit — usually a percentage of the face value — to help cover the cost of long-term care. This may be an option for you.

Provided by Shane J Duhe, a financial representative with Duhe Financial Strategies, courtesy of Broadridge Advisor Solutions.  ©2021 Broadridge Financial Solutions, Inc.

Local

I-310 left southbound lane of the Hale Boggs Bridge closed Sunday

News

Abbeville man sentenced to federal prison for possessing firearm

News

TPSO seeks public’s help identifying subject

News

LDWF Agents investigating vessel fatality in Lafourche Parish

Edgard

Unanimous jury convicts Larry Dillion of violent crimes

News

Tangipahoa Parish Sheriff’s Office requests public’s help regarding recent shooting

News

Ponchatoula man sentenced for child sexual abuse material; possessed thousands of images

News

LDWF finds illegal oyster harvester in Lafourche Parish

News

SJSO calls for service 07/22

LaPlace

SJSO arrest reports 7/16-7/21

News

Louisiana Private Recreational Red Snapper Landing Estimates Through July 11, 2021

News

Louisiana 211 launches Opioid Crisis Referral and Crisis Texting Program: Growing concern over skyrocketing numbers of opioid fatalities

News

Tallulah man sentenced for trafficking methamphetamine

News

Convicted felon sentenced to more prison time

Local

SCSO seeks public’s help identifying suspects

News

Special enrollment period announced for Medicare Beneficiaries

Local

SCSO arrest reports 07/22

News

New Orleans man charged with drug trafficking offenses

News

SJSO calls for service 07/21

News

Felon indicted on federal gun charges

Local

Des Allemands man sentenced to ten years for aggravated criminal damage to property

News

Marksville Man Arrested for Possession of Child Sex Abuse Material

News

FBI and JPSO requesting the public’s assistance to identify the suspect from a Capital One Bank robbery

News

Historic $26 Billion Agreement with Opioid Distributors/Manufacturer Announced by AG Jeff Landry