The insurance market and the overall economy may be separate entities, but they can still interact with each other. For example, the recent bill passed by congress has included *significant* cuts to Medicaid, and while it’s not yet clear how many seniors will be affected (many of the cuts are to those under retirement age), one thing this illustrates is that the financial lifeline that many people depend on may not always be there.
Medicare does not typically cover long term care. Medicaid does – although not always the care that you expect or desire – but to qualify for Medicaid, you must first use up all of your assets and retirement.
But what if, even then, you don’t qualify for Medicaid?
What if there is no Medicaid left?
That’s a question that many people need to be asking themselves when they think about their long term care plans. If you’re someone expecting to rely on Medicaid to cover your long term care needs, but that Medicaid funding can be taken away at a moment’s notice from congress, then even that may not be available to help.
Remember, long term care is not something that only affects those at retirement age. Those needs can occur at any time due to injury or health-related issues.
Long Term Care Insurance Offers Protection in Economic/Political Uncertainty
One of the reasons that insurance exists is because we cannot ever know the future. We cannot assume that the financial support available now will still be there by the time we need it. The same is true of the funding options for long term care. Some of the people that would have otherwise relied on Medicaid will, in only a few short months, no longer have that option. In 20 years, when you need long term care, what if the funding you need is taken away at the last minute?
Long term care insurance will still be there to help. It’s available regardless of your income, and can continue to support your financial needs whether you have retirement or not. This type of insurance offers options that are consistent and there for you, so that you aren’t beholden to the actions of others.
Insurance from LTCR Pacific
Long Term Care Resources – Pacific Agency (LTCR Pacific) offers long term care insurance at outstanding rates, with potential discounts available for those that went to many of the nation’s leading universities and those in hundreds of affinity groups. If you’d like to learn more about the long term care resources available or get a quote for premiums, please reach out today.