Posted on Dec 22, 2020

LongTerm Care Insurance

Purchasing long-term care insurance is a great way to protect against the high costs of long-term care. You can pay for long-term care in a number of ways, so purchasing insurance is just one option you have. With long-term care insurance, you pay monthly premiums to buy a policy that will pay for your long-term care costs whether it be at a nursing home or for in-home care. Determining if you need long-term care insurance depends on your financial situation, since purchasing this insurance can be expensive. Each policy varies in price depending on your age, the level of benefits, and so on. 

The other ways you can pay for long-term care include Medicare, Medicaid, or out-of-pocket. Of course, out-of-pocket is only an eligible option if you have enough funds to sustain the high costs of long-term care. Medicare covers short-term nursing home stays but only after an illness that requires hospitalization. This only covers up to 100 days per illness. 

If paying out-of-pocket is not an option, and you need more than Medicare can offer, Medicaid may be the right fit for you. If you have limited assets and income, you may be eligible for MassHealth Medicaid Long-Term Care. Medicaid will pay for nursing home or in-home care if you have no more than $2,000 in assets. If you have more than $2,000 there are ways to go around this. Attorney Michael Monteforte has a 100% success rate on all MassHealth Medicaid applications and knows how to work the system. If you need more information on how to apply and get started, look here. If you want us to start your application and help you through this process give us a call at 978-657-7437! 


To read more about long-term care insurance and other ways to pay for long-term care, check out this ElderLawAnswers article here.