Long-Term Care Insurance
Protect Your Retirement from What Medicare Doesn’t Cover
While health insurance covers many medical costs, it does not pay for long-term services such as nursing home stays or home health aides.
Even Medicare will only cover short stays in nursing homes, or some in-home care, but only under specific conditions.
Long term care insurance helps protect your spouse and other family members from having to take on the physical, emotional and financial burdens of caregiving.
Long term care services are expensive can quickly deplete even a very sizable nest egg. With long-term care insurance, you can spend your savings or retirement funds on just that…retirement and let your insurance plan take care of unexpected long-term care expenses.
Rates are based on age and health. The younger you are and healthier you are, the lower your premiums will generally be. As health begins to deteriorate with age, it is crucial to have coverage already in place should you require practical in-home or facility care.
These two insurance plans with very similar names serve very different purposes in helping you manage financial risks. Long term disability insurance replaces your lost income if an illness or injury leaves you unable to work. Long term care insurance provides a daily amount to help with hands-on care you may need during a prolonged illness.
Contact a TMA Insurance Trust advisor today to help find out which protection is best for your needs.