Healthcare In Retirement 101:
Long-Term Care Planning vs. Medicare & Medicaid
If you ask most Americans they probably can't explain the difference between Medicare and Medicaid, much less how those two programs
differ from Long-Term Care planning.
However, relying on either of these government-run programs will most likely leave your clients and prospects without the level of care they need or expect. If you know the primary benefits
of LTCi over Medicare and Medicaid, it can help you make the sale and help your clients make sure they’re protected now and into the future.
What Do Medicare and Medicaid Cover?
Both government programs are primarily designed to help people with "acute" medical or health problems, and not with day-to-day
custodial care, or what you might be familiar with as Activities of Daily Living (ADLs). Medicare is the primary health insurance provider to Americans over
age 65, but the program will only cover rehabilitative care following a hospital "admission", so this severely limits any potential LTC benefits. Medicaid, however, is a program
for those with meager financial resources and income, and most people won’t qualify for these benefits. Planning becomes critical because, when the time comes for a client to need help with
ADLs (bathing, dressing, toileting, transferring, eating, and continence), those services wouldn’t be covered by
Medicare or Medicaid, and their LTC Plan would help them pay for that.
Help your clients make the right decisions about Healthcare In Retirement.
By educating them about LTC Planning they will better understand why Medicare and Medicaid are poor planning choices, and how and why Long-Term Care Planning.....
- Allows clients to have peace of mind, as having a plan creates a sense of security and enables them to better control where, when, and how they receive care.
- Protects your clients' lifestyle because a plan can protect funds earmarked for retirement income, and keeping assets and investments growing while lowering the financial burden should care be needed.
- Provides comprehensive coverage for the full continuum of care; from adult daycare all the way to nursing home or memory care.
- Creates flexibility with a choice of benefit models (indemnity or reimbursement), access to care coordination services and provides assistance with claims and even bill payment and financial management services.
- Offers powerful tax advantages with the potential for tax-deductible plan costs or tax-free benefits for qualified LTC expenses.
Help your clients understand that Healthcare In Retirement is
unavoidable and Long-Term Care must be part of the discussion......
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