Long-term care describes a variety of services in the area of health, personal care and social needs of persons who are chronically ill or infirm.

Fact:  9 million Americans now 65 or older will require long term care.  This number is expected to rise by 25 percent – to 12 million – by 2020.¹

Can Medicaid Help Pay for Long-Term Care?
Medicaid is a welfare program funded by both federal and state governments. It was enacted to provide health care services for the truly impoverished of our nation. Eligibility for benefits under the Medicaid program is determined by each state, based on an individuals assets and income. Recent legislation has made it extremely difficult to qualify for Medicaid benefits by gifting or otherwise disposing of personal assets for less than fair market value.

 You want to choose the type of care you receive from your available options. 
 You want to spare your family responsibility for your long-term care. 
 You want to preserve an inheritance for children and grandchildren. 
 You have the financial resources to pay for the coverage.
 

What Should You Look for in a Long-Term Care Insurance Policy?

Flexibility to be designed according to your needs.
We all have different lifestyles as well as financial goals.  This is why it’s important to be able to choose a plan that is tailored to meet your needs.

Clear and understandable policy wording.
Look for clear, favorable policy form wording, in terms of claims eligibility and exclusions.

Coverage for a variety of needs.
With a wide range of services available these days, from home and community-based services as will as residential care facility services, you may want the flexibility of having a long-term care insurance policy that pays for all these options.

Home health care on a monthly basis.
It’s important that your coverage reimburse you for home health care on a monthly basis. This gives you the freedom to schedule help as you need it without the restrictions that can come with daily limits.

A stable insurance company.
Long-term care insurance is only as good as the company behind it. Look for a solid financial history and high marks from the independent rating companies.

In addition to traditional long-term care insurance, there is a way to reposition your cash reserves and leverage your assets.  An innovative product, Lincoln MoneyGuard Reserve,  can provide you with up to five times the dollars to reimburse long-term care costs!  If you never need the long-term care benefit, your beneficiaries receive an income tax-free death benefit.  Or if you change your mind, your premium payment can be returned to you, minus any loans, withdrawals, or benefits paid, and is subject to the terms of the Return of Premium rider.

At Northern Financial Management we have the knowledge and experience to help you choose the right policy to suit your needs.  Call (231) 947-4685 for more information.