We often under-estimate the importance and the need to have Long-Term Care (LTC) insurance.
Through the years, I have seen how Medicare and Long-Term Care Insurance (LTCi) have served our clients well. LTC insurance is designed to pay for care that is needed by those who suffer from chronic illness or disability. It generally covers the cost of nursing homes, home health care, visiting nurse care, homemaker care, and respite care. Respite care may be one of the most important benefits of an LTC policy: Giving family members a break from the emotional, psychological, and physical burden of caring for a loved one with a disability or chronic illness.
One may ask, “But won’t Medicaid cover those expenses?”. The problem with that approach is that, in order to qualify for Medicaid long-term care benefits, a person must spend down assets to near poverty levels. However, when a person has long-term care insurance, these concerns diminish. Thus, LTC insurance provides a solution for funding long-term care needs for seniors who want: (1) The freedom to choose where they receive their long-term care and (2) The peace of mind that comes with knowing they will not have to spend down their hard-earned assets to qualify for benefits. This helps them maintain a sense of independence and most importantly, their dignity.
What does this have to do with real estate, you ask? A lot.
When we approach a rehab project, we apply the same thought process in designing homes for the 55+ community.
- How do we design a home that provides ease of maintenance?
- What can we build and enhance a home that provides simple comforts without sacrificing luxury?
- What can we add to the home that will give the homeowner the ability to age into their homes with gracefully and with their sense of dignity intact?
We are grateful to our family of clients and dedicate a lot of our progress to them, and it is a privilege to be able to continue servicing their lifestyle needs beyond insurance plans.