Long-Term Care

Long term care (also known as LTC) can take many forms. It can be care provided at home, in assisted living facilities, or nursing homes lasting more than 90 days. Types of care may include administering medications, aiding with bathing and dressing, transportation to and from medical appointments, meal preparation, and more.

At Voss Insurance Group, we understand the long-term care conversation can be hard. We are prepared to discuss your options and help you decide what plan(s) are best for you and your family. Your independence, dignity, and nest-egg deserve a conversation and they deserve to be protected.

Common Misconceptions About Long-Term Care

I Have Heard Negative Things About It.

Not all rumors are true. In fact, some insurance companies have paid hundreds of thousands of dollars in claims to home health care agencies and facilities on a client’s behalf. It pays to have a good insurance agent who can facility or control the claim process. Additionally, different facilities offer different levels of care. Proactive research on all options will save time, energy, and money.

I’ve Never Heard of It.

You may be one of the lucky ones that have never dealt with a long-term care situation. However, that doesn’t mean you’ll never need it. If you’d prefer to have choices as you age, consider your options.

Don’t Want to Pay for Something You Don’t Need.

Medicare and most military benefits will not cover this level of care. You will be responsible for 100% of the cost and you have a 70% risk it will happen to you. Consider alternative options such as a life insurance with a long-term care rider or critical illness protection.

It's Too Expensive

Long-term care is the #1 reason retirees go bankrupt. The average cost in WA for quality home care is $40-$50 per hour with assisted living and nursing home ranging from $6,000-$12,000 per month. A premium will never be as expensive as paying out of pocket for 24-hour care.

Ways to Pay for Long-Term Care

There are three main ways people pay for long term care.

Self Pay: Self Pay means you write the check to the home care agency or facility from your personal assets. This money can come from savings accounts, 401Ks, stocks, etc. Some funds are subject to penalties and tax implications.

Medicaid: Medicaid is the state funded program meant to help individuals with medical costs, food, housing and more. These individuals have low incomes and are subject to the state specific rules and regulations for eligibility. There are set rules for what you can have in assets when it comes to qualifying for help. Please consult an elder law attorney for further information on protecting your assets during a spend-down.

Please visit the state’s Medicaid website for additional information by Clicking HERE.

Private Insurance: Insurance companies offer benefits for a monthly premium which vary based on the amount of coverage. Some policies allow you to add inflation protection, waiver of premium, etc.

Can you qualify?

Long Term care is one of the most challenging insurance to qualify for. This is because the industry has changed substantially, people are living longer, and the cost of care continues to rise. Because of the high probability of claim payout, insurance companies are less lenient on insuring health conditions or high-risk individuals.