Buying long term care insurance is only worth it if you have assets (ie real property) to protect and beneficiaries to will your assets to. Otherwise, there isn't a need for it. The state medicaid program will normally cover your skilled nursing costs if your income is low enough (currently around $2136/month for a single person) and your assets (usually less than $2000/month) are minimal. If you have resources and real property, the state will make you expend those resources, or sell those assets before becoming eligible for the state medicaid program. If you are unable to sell the property, after your death, the state medicaid recovery program will place a lien against that property to recoup whatever costs they have incurred on your behalf.
However, if you want to pass on your property to your beneficiaries without a state lien, you might want to consider long term care insurance. Because---old folks fall and they become ill, they will need rehab or skilled care to repair what's broken.
by Maria Castor Handley 4 years ago
"Why long-term care insurance has yet to catch on"What;s your take on this? That the long term care insurance industry is the most ignored insurance body there is. I think that the writer made his ideas clear and well yet people think that LTC is nothing but a...
by Maria Castor Handley 4 years ago
You came here because of the title huh? Same thing what happened to me. I was googling something random when I came across acsia.com where they posted this link http://nymag.com/news/features/parent-h … re-2012-5/ from New York Magazine titled "Mom, I Love You. I Also Wish You Were...
by motown p 7 years ago
How much of my health insurance premium can i claim as a medical deductionI have deductions coming out of my pension check for medical & dental. I pay medicare premium each month out of my social security check. May I claim any of this as a medical deduction on my federal taxes.
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What are the Most Common Financial Mistakes People Make?
by Kristin Trapp 5 years ago
What is the difference between whole and term life insurance?Is the amount of time each insurance policy lasts the only difference or are there others? Does age play a role in determining which one is the best type of life insurance for me and my family?
by Office paperless 5 years ago
what is life insurance?
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