Care Plan Review
Medicare Doesn't Pay for the Care Most People Need
Most retirement plans have no answer for help with daily living later in life. A 30-minute care plan review shows what your current plan would do and whether there is a gap.
The Assumption
The Assumption That Costs Families the Most
Many people assume Medicare covers long-term care. It does not cover custodial care, the everyday help with bathing, dressing, or eating, when that is the only care you need.
Medicare can cover short-term skilled nursing care after a qualifying inpatient hospital stay, for up to 100 days in a benefit period, with a daily coinsurance after day 20. That is rehab coverage, not a long-term care plan.
When Medicare stops, care is usually paid by:
- Your savings
- Medicaid, after you spend down to your state's limits
- Family members
- A plan you set up ahead of time
Your Options
"What If I Pay In for Years and Never Need It?"
That is the most common reason people put off a plan. Traditional long-term care insurance generally pays nothing if you never file a claim. Its premiums are not guaranteed and have risen for some existing policyholders, and coverage is medically underwritten.
Funding care with an asset instead of a premium
Another approach repositions money you already have, such as a CD, savings, or an older annuity, into a contract that:
- Provides a pool of benefits for qualifying long-term care costs
- Leaves value for you or your beneficiaries if care is never needed
- Is often funded once, with no ongoing premium
- May have simpler health questions
- Generally receives favorable federal tax treatment for qualified long-term care expenses under current law
It is not right for everyone. The money becomes less liquid, surrender charges apply for a number of years, and terms vary by insurer, contract, and state. We compare options for your situation before recommending anything.
Is It a Fit?
Is a Care Plan Review Worth 30 Minutes?
Probably yes, if
- You are roughly 55 to 75 and have been putting this off
- You have money in a CD, savings, or older annuity that is not set aside for something else
- You priced traditional long-term care insurance and walked away
- You were declined for coverage before
- You watched a parent go through care
- You want your spouse's retirement protected if you need care first
Probably not, if
- You may need access to the money in the next several years
- Medicaid is your realistic plan; an elder law attorney is the right call
- You already have coverage that works and only need a policy review
We would rather tell you it isn't a fit than recommend something that isn't right for you.
Who You'll Talk To
Why Bring This to Marcel
Marcel Lashover, RFC®, founded One Stop Financial Group in 2007. He is a New Orleans native and a member of the International Association of Registered Financial Consultants.
- Experience since 2007, including how plans work when a claim is filed
- Independent, comparing options from 15 national insurance companies instead of steering you to one
- Personal: his mother raised two children on about $300 a month, and he knows what a family faces without a plan
Next Step
Let's Find Out Where You Stand
A 30-minute review by phone, Zoom, or Google Meet. We look at your assets, your concerns, and who needs protecting, then show what your current plan would do. It is no-cost, with no obligation and no pressure.
Prefer to talk now? Call (504) 300-8207.
Photos are for illustration only and do not show clients. This page is general education, not insurance, tax, legal, or investment advice, and not an offer to sell any product. Product terms, surrender charges, and benefits vary by insurer, contract, and state. Guarantees are backed by the claims-paying ability of the issuing insurance company. Tax treatment reflects current federal law and may change. Marcel Lashover is an independent agent licensed in LA, MS, TX, AL, FL, GA, OK, and VA.
Sources: Long-Term Care, Medicare.gov; Skilled Nursing Facility Care, Medicare.gov.