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Murray, Schoen & Homer Inc.
71 North Avenue
New Rochelle, NY 10801
Tel: 914-632-8989
Fax: 914-632-9170
email MSH
Long Term Care Policies – The Basics
Long-term health care includes much more than just nursing home care for the elderly. Today’s long-term care can refer to a wide variety of:
• health care
• rehabilitative services
• personal care
• social services
for people who, due to illness or disability, need special assistance with daily activities. One of the most common times that people use a convalescent nursing facility is when they need continued medical care and rehabilitation therapy during recuperation from an illness or injury after being discharged from the hospital.
How Much Does Long Term Health Care Cost?
The cost for a convalescent center stay ranges from $30,000 to $40,000 per year. Some experts predict that this number will reach $83,000 by the year 2010.
What About Medicare and Medicaid?
Medicare policies contain only a limited amount for Skilled Nursing Care and nothing for care that is considered Intermediate or Custodial.
Medicaid is a federal and state program that covers medical bills for the needy. If you qualify, it will pay for your long-term care expenses. In order to qualify for Medicaid, you will have to have essentially no assets.
Long-Term Care Insurance
What does long-term care insurance do for you? It can:
• enable you to keep your assets
• protect your spouse’s quality of life and independence
• protect your family home and estate
• protect your business and other personal property
• allow you to maintain your independence
• provide cash so that you may choose the long-term care options that you feel are most suitable for you
From Which Kinds of Policies Can I Choose?
Generally speaking, there are three different types of policies. There are those that cover:
• nursing home stays
• home health care
• nursing home stays and home health care
It is important to work with an experienced insurance professional when purchasing this type of insurance.
Independent insurance brokers providing personalized financial planning and insurance services including homeowners insurance, business insurance, professional liability and group medical benefits. Murray, Schoen & Homer Inc is a New York State licensed insurance agency located in New Rochelle, NY and serves the surrounding Westchester County communities including Larchmont, Mamaroneck, Mt. Vernon, Harrison, Eastchester and Pelham, New York.
As a licensed entity in the State of New York we want to notify you that this is not an offer to sell insurance or an
advertisement of insurance anywhere except the State of New York, United States of America.