Long-term care benefits and what they cover
Want help navigating life insurance?
Long-term insurance care insurance coverage can help pay for home health care, nursing home costs, adult day care and other qualifying services. Benefits are paid tax-free after qualifying conditions are met.1 If you never need long-term care, your beneficiaries will receive your death benefit, tax-free.
What does long term care insurance cover?
Long term care insurance can help pay for:
- Home health care
- Nursing home costs
- Assisted living facilities
- Adult daycare
- Home modifications (such as outdoor ramps or grab bars for bathrooms)
- Care coordination
Do I need long term care insurance?
Most people over 65 have a chance of needing some type of long-term care support in their life.2 And contrary to what many people believe, health insurance won’t cover the cost of long-term care. Neither will Medicaid if you have more than $2,000 in assets.3 Medicare will cover some long-term care costs, but only up to 100 days. And only following a three-consecutive-day stay in a hospital, while undergoing treatment.
If you’re interested in long-term care, you may want to consider life insurance policies that let you purchase a long-term care rider at an additional cost.
How much does long term care insurance cost?
Talk to a Nationwide agent about long term care insurance costs and whether it makes sense for you to get long-term care coverage with your life insurance policy.
[1] You must meet certain qualifying conditions and a waiting period before benefits will be paid.
[2] Most older adults are likely to need and use long-term services and supports, ASPE Issue Brief, January 2021.
[3] Countable assets according to Medicaid regulations; varies by state.
