Wednesday, September 11, 2013

Adult Financial Planning: Coordinating Long-term Care Insurance with Government Benefits

Today’s post is part of a monthly series by Deborah Higgins, president of Higgins Capital Management, Inc., on adult care financial planning.

By Deborah M. Higgins/President/Higgins Capital

Long-term care refers to the medical and social services designed to support the needs of people that are no longer able to function independently in their everyday activities. It is broken out into three levels: custodial care, intermediate care and skilled care.

Medicare, Medicaid, Medigap, and long-term care insurance (LTCI) (combined with Medicare) are there to assist you in paying for your loved one’s long-term nursing care needs. Each program has specific qualifications, so it’s important to coordinate those needs with these government benefits. I have created a piece to briefly explain each program and to what extent it subsidizes long-term care.

Others in the financial planning series:

Protecting Property
Incapacity Documents

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