Planning to cover your own insurance needs, from finding good personal health insurance to choosing the correct auto insurance coverages, can be a challenge. Don’t forget to consider your role in caring for aging parents as you build your insurance portfolio. Between the financial extremes of abundance (stockpiled cash, trust funds, or earmarked annuities) and a poverty-based qualification for Medicaid, choosing LTC insurance becomes more complicated when considering what’s reasonably affordable. The price tag for three weekly in-home visits seems small compared to assisted living facilities, nursing homes, or continuing care retirement communities (CCRCs), but those home visits might not cover all your real needs.Payment options are also a sobering concern. If your family member is a veteran, the Veterans Administration may pick up some of the expenses related to a stay in a long-term facility.Medicare and private health insurance policies do not cover LTC; they generally cover only medicine and medical care—though Medicare covers limited short-term care services if they follow a hospital stay of more than three days. Medicaid only covers those without assets or income.An increasingly popular option is LTC insurance. Advantages include lowered or locked-in rates if purchased well in advance of its use. Another […]

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