Making Sure Your Care Is Covered
You may be wondering why you should be considering a senior living community that offers a Life Care Type A contract, particularly if you have health insurance and Medicare. Many individuals looking at senior living communities assume that their healthcare insurance and Medicare will cover their long-term care costs, including assisted living services, skilled nursing, and memory care.
In reality, healthcare insurance doesn’t cover any long-term care. What’s more, healthcare insurance, including Medicare, does not cover housing. Many do not cover assisted living services, skilled nursing or memory care, or offer limited coverage for those levels of care.
It’s important to understand what exactly your healthcare insurance will and will not cover, to protect your assets and ensure you receive the level of care you need today and tomorrow.
The chart below shows which services are and are not covered by different types of healthcare insurance.
Americans are living longer and longer. As a result, more people are turning to long-term care insurance to help cover the costs for future care that Medicare doesn’t cover. These costs include in-home care, assisted living, memory care and skilled nursing services they may need later in life.
Long-term care insurance can help preserve your assets, relieve the family of a financial burden, and enhance freedom of choice when it comes to where and how care is delivered. But it also comes with daily and lifetime caps on what it covers. Once you reach those caps, you are responsible for covering the remaining costs. With the rising costs of assisted living and skilled nursing, those caps can be reached much sooner than you might think. What’s more, long-term care insurance does not cover the cost of housing. Some long-term care policies do not cover in-home care either.
When combined with long-term care insurance, Life Care provides the most comprehensive coverage for a lifetime of care. That’s because Life Care has no daily or lifetime caps while keeping monthly costs stable. A Life Care Type A contract makes sure the gaps in your long-term care insurance are filled. So when you reach the cap on your long-term care insurance, Life Care continues to cover you. If you do not have long-term care insurance, Life Care offers the best option to ensure you continue to receive the care you need while keeping your monthly costs stable.
Is Life Care Right for You?
When deciding which type of contract is right for you, make sure you’re asking the right questions. Click here for a list of questions to help you determine if a Life Care Type A contract meets your needs.
Common Contract Types
Senior living community contracts vary greatly. Be sure to read and compare contracts closely before you make a decision. Learn more about two of the most common contracts offered by Continuing Care Retirement Communities (CCRCs).
We’re Here to Help
We understand that choosing the right senior living community isn’t always simple. We’re here to help make it easier, with information, guidance, and peace of mind. If you have any questions about Continuing Care Retirement Communities, Life Care contracts, or long-term care, please don’t hesitate to contact us today.