Medicare covers short-term nursing home or in-house rehabilitative care. If you need long-term care because you have difficulty performing tasks of daily living or have a debilitating medical condition such as Alzheimer’s disease, you (or your family) foot the bill. This is where an Ohio Long-Term Care Insurance policy can help.
Long-term care is extremely expensive, with monthly fees ranging from $2000 to more than $5000. With such high costs, even those with significant savings will see their nest egg deplete rapidly. It’s only when nearly all assets are depleted that Medicaid will kick in.
In Ohio, Long-Term Care Insurance offers an alternative to this bleak scenario. It helps pay for personal day care, nursing home care, or home health care to those who qualify. It helps protect hard-earned assets, such as a savings plan, a home, or a family farm. It also broadens the care options and choices available to you. The US Department of Health and Human Services projects that 70% of today’s 65-year-olds will use some form of long-term care in the years ahead. The average life expectancy after age 65 is around 20 years.
Who benefits from an Ohio Long-Term Care Insurance policy? The Insurance Information Institute says, “unless you have so little money that you will qualify for Medicaid, or so much money that you can pay the bills out of your own pocket, you should consider buying Long-Term Care Insurance.” However, it is a particularly complex type of insurance with many options.