Long-term care (LTC) is an important part of healthcare, especially if you are aging or have chronic health issues or disabilities. If you are thinking about your future care or have a loved one who may need LTC and are looking for long-term care insurance companies in NYC, it’s important to understand what insurance coverages the government provides and their limitations.
What Is Long-Term Care?
Long-term care covers a range of services over extended periods to meet your health or personal care needs. These services are provided where you live, whether at home, an assisted living facility, a nursing home, or in the community center. It could range from helping you bathe and get dressed to providing therapy and administering medication. The first and foremost goal is to help you live independently and safely when you can no longer manage your daily activities and routines.
Medicare and Long-Term Care
Medicare is a federal health insurance program for people age 65 and older. This government program does not provide comprehensive long-term care coverage, will vary from person to person, and may cover:
- Skilled Nursing Facility Care: Medicare A will cover a limited number of days in a skilled nursing facility following a hospital stay that lasts longer than three days. This is for patients who need rehabilitation and skilled nursing care.
- Home Health Care: Medicare will cover part-time skilled nursing care, physical therapy, and occupational therapy for eligible patients living at home.
- Hospice Care: Hospice provides care for terminally ill patients and may include pain relief, symptom management, and patient and family support services.
Medicaid and Long-Term Care
Medicaid, a federal and state program, covers services for eligible low-income patients of any age and may cover the following:
- Nursing Home Care: Medicaid is the largest nursing home care provider in the United States for eligible patients.
- Home and Community Services (HCBS): Medicaid has waivers that allow states to provide long-term care services in home and community centers instead of nursing homes and assisted living facilities.
Veterans Affairs Benefits
Veterans and their spouses may be eligible for special benefits, including:
- Nursing Home Care: The VA offers nursing home care coverage to veterans with service-connected disabilities, including skilled home health care, home health aide services, adult day care, and respite care.
- Home and Community-Based Services: Various home and community-based services, such as skilled home health care, home health aide services, and adult day health care, may be covered.
- Aid and Attendance Benefits: This special benefit provides veterans and their spouses additional financial assistance.
State Specific Programs
In addition to federal programs, states offer programs designed to support long-term care that may include:
- State-Funded Home Care Programs: If you are not eligible for Medicaid, some states offer services to assist them in various ways financially.
- Long-Term Care Insurance Partnerships: Some states encourage residents to purchase long-term care insurance to protect a portion of their assets in the event Medicaid coverage is needed.
Get Long Term Care Insurance With Margolis & Associates
It’s time to find long-term care insurance companies in NYC. According to Genworth’s Cost of Care Survey, this care costs more than $100,000 annually and increases over time. Remember that it’s less expensive to purchase LTC coverage when you are young and don’t need it yet. Plan now so you won’t be a financial burden to your family. We’ll help you navigate all the details and develop the right plan for now and in the future. Contact Margolis & Associates for long-term care insurance serving Nassau County