Long-Term Care Insurance

MICON's Insurance Services

Nearly half of all Americans will need long-term care at some point in their lives, and one in five Americans over the age of 50 is at a high risk of needing long-term care in the next 12 months.
("Consumer Information about Long Term Care: A Guide for Families," National Center for Assisted Living, 2003)

Long-term care insurance is an integral part of any financial plan. It will help protect your hard-earned assets, and provide more control over how and where you receive care should you need it.

Medicaid will pay for long term care, but the real problem for those who seek help from Medicaid is that to qualify, you must spend your assets until you reach government established poverty levels. This means getting rid of most, if not all, of what you’ve spent a lifetime accumulating. So, p roper planning for long-term care will not only save you money in the future, but in the present as well!

Long-term care insurance is not for everyone. For example, individuals with enough personal assets to pay for their own long-term care or others who would suffer financial hardship paying the premiums are generally not candidates for long-term care insurance. However, for most people, long-term health care insurance should not be viewed as an option, but as a necessity – much like the liability coverage for you car.

Whatever your long-term care needs may be, we feel that careful planning is the best insurance of all. Your plan should provide you with maximum protection against the potentially catastrophic costs of long-term health care while enabling you to preserve your resources.