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Many people are not aware Medicare insurance does cover skilled nursing, however it will only do so after a beneficiary leaves the hospital and is showing daily improvement. Medicare pays 100% of costs for the first 20 days; for days 21 to 100 there is a patient responsibility of $194.50 per day. Should the need for long term care exceed 100 days or arise without hospitalization, the Medicare beneficiary faces the full cost directly. Most long term care insurance policies purchased today are hybrid life insurance policies, where if there never is a need for long term care services, the premium or the benefit amount will pay out tax free to the beneficiary.

While life insurance can be invaluable in replacing the income of someone who provides support for a spouse or multiple family members, the cost of income replacement due to a sudden passing can pale in comparison to the cost of taking care of an adult breadwinner who, due to an injury or other disability, cannot work and requires specialized medical, community and home based services. If your employer does not provide any or enough disability insurance, or you want a policy you can keep through any job change, contact us today to learn about a range of options.